Endogenous Growth without Scale Effects
This paper presents a simple R&D-driven endogenous growth model to shed light on some puzzling economic trends. The model can account for why patent statistics have been roughly constant even though R&D employment has risen sharply over the last thirty years. The model also illuminates why steadily increasing R&D effort has not led to any upward trend in economic growth rates, as is predicted by earlier R&D-driven endogenous growth models with the 'scale effect' property. Copyright 1998 by American Economic Association.
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Volume (Year): 88 (1998)
Issue (Month): 5 (December)
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