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Endogenous Technical Change in a Competitive Economy

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Author Info
Hellwig, Martin () (Sonderforschungsbereich 504)
Irmen, Andreas () (Fakultät für Volkswirtschaftslehre)

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Abstract

We develop a model of endogenous growth in an economy with competitive markets. Technical change arises from the intentional actions of entrepreneurs looking for profits. Opportunities for such profits stem from inframarginal rents. This provides a counterexample to the widespread view that endogenous technical change is possible only if innovating firms can expect to reap monopoly or oligopoly rents. The model has a unique equilibrium, which involves steady growth at a positive rate. Equilibrium growth is inefficiently low because knowledge spillover effects are neglected. The inefficiency can be eliminated by an interest rate subsidy.

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Publisher Info
Paper provided by Sonderforschungsbereich 504, Universität Mannheim & Sonderforschungsbereich 504, University of Mannheim in its series Sonderforschungsbereich 504 Publications with number 99-53.

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Length: 40 pages
Date of creation: 22 Mar 1999
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Handle: RePEc:xrs:sfbmaa:99-53

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  1. Olaf, POSCH & Klaus, WAELDE, 2005. "Natural volatility, welfare and taxation," Université catholique de Louvain, Département des Sciences Economiques Working Paper 2005009, Université catholique de Louvain, Département des Sciences Economiques. [Downloadable!]
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  2. Helmut Bester & Emmanuel Petrakis, . "Wages and Productivity Growth in a Competitive Industry," Papers 009, Departmental Working Papers. [Downloadable!]
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  3. Helmut Bester & Emmanuel Petrakis, . "Wages and Productivity Growth in a Dynamic Monopoly," Papers 012, Departmental Working Papers. [Downloadable!]
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  4. Ellen Rissman, 2003. "Self-employment as an alternative to unemployment," Working Paper Series WP-03-34, Federal Reserve Bank of Chicago. [Downloadable!]
  5. Michele Boldrin & David K Levine, 2006. "Perfectly Competitive Innovation," Levine's Working Paper Archive 618897000000000954, UCLA Department of Economics. [Downloadable!]
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  6. Diego Comin & Sunil Mulani, 2005. "A Theory of Growth and Volatility at the Aggregate and Firm Level," NBER Working Papers 11503, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  7. Jian Tong, 1999. "Quality Competition, Market Structure and Endogenous Growth," STICERD - Economics of Industry Papers 25, Suntory and Toyota International Centres for Economics and Related Disciplines, LSE. [Downloadable!]
  8. Klaus, WAELDE, 2003. "Endogenous growth cycles," Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES) Discussion Paper 2004012, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES), revised 15 Mar 2004. [Downloadable!]
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    • Klaus Wälde, 2005. "Endogenous Growth Cycles," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 46(3), pages 867-894, 08. [Downloadable!] (restricted)
  9. Irmen, Andreas, . "Capital Accumulation, Factor Prices and Endogenous Labor-Saving Technical Change," IVS discussion paper series 607, Institut für Volkswirtschaft und Statistik (IVS), University of Mannheim. [Downloadable!]
  10. Patrick Legros, 2005. "Art and the Internet: Blessing the Curse?," Levine's Bibliography 666156000000000502, UCLA Department of Economics. [Downloadable!]
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