Pedro Mazeda Gil () (Faculdade de Economia, Universidade do Porto and CEMPRE, Rua Dr Roberto Frias, 4200-464, Porto, Portugal.) Óscar Afonso () (Faculdade de Economia, Universidade do Porto and CEMPRE, Rua Dr Roberto Frias, 4200-464, Porto, Portugal.)
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The Perpetual Inventory Model (PIM) assumes that, in each period, an arbitrary constant fraction of technological-knowledge stock is lost. By connecting the aggregate resource constraint with firms’ market value, we give a theoretical background to the PIM by showing that the technological-knowledge accumulation follows a dynamic process with an endogenous depreciation rate, which remains stable in steady state. Moreover, we relate different concepts of technological-knowledge used in the literature.
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Paper provided by Universidade do Porto, Faculdade de Economia do Porto in its series FEP Working Papers with number
283.
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