Ressources non-renouvelables, impatience et effort optimal de recherche-développement
We show how the exhaustion constraint of non renewable resources, against which maintaining a minimum level of consumption may collapse in the long run, could be relaxed by an appropriate effort in R?D. However along any optimal trajectory of the economy, this effort has to be made if and only if the productivity in the research sector is high enough compared with the impatience. We show that, in the case of strong impatience, the society must choose an increasing R?D effort but initially low, resulting in a long run decrease of the consumption level.
Volume (Year): Volume 114 (2004)
Issue (Month): 3 ()
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- Aghion, P. & Howitt, P., 1989.
"A Model Of Growth Through Creative Destruction,"
527, Massachusetts Institute of Technology (MIT), Department of Economics.
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