R&D, Competition and Growth with Human Capital Accumulation Revisited
In this paper, we have presented a generalization of Bucci's (2003) model in which have disentangled the monopolistic mark-up in the intermediate goods sector, the intermediate goods share in the final output and the returns to specialization in order to have a better measurement of competition. Indeed, unlike Bucci (2003), in our model, the measure of competition is completely independent of the intermediate goods share in the final output and the returns to specialization. Our main finding is that, unlike Bucci (2003), we show that the competition does not play any role in growth. This result is explained by the complementarity of innovation and human capital assumed in the research production. Moreover, we have shown that an increase in competition raises the level of production per capita, increasing consumer's welfare.
Volume (Year): 148 (2012)
Issue (Month): IV (December)
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- Alvarez-Pelaez, Maria J. & Groth, Christian, 2005.
"Too little or too much R&D?,"
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Departmental Working Papers
2003-11, Department of Economics, Management and Quantitative Methods at Università degli Studi di Milano.
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10913, University Library of Munich, Germany.
- Dominique Bianco, 2009. "Growth And Competition In A Model Of Human Capital Accumulation And Research," Journal of Applied Economic Sciences, Spiru Haret University, Faculty of Financial Management and Accounting Craiova, vol. 4(3(9)_Fall).
- Blackburn, Keith & Hung, Victor T. Y. & Pozzolo, Alberto F., 2000. "Research, Development and Human Capital Accumulation," Journal of Macroeconomics, Elsevier, vol. 22(2), pages 189-206, April.
- Lucas, Robert Jr., 1988. "On the mechanics of economic development," Journal of Monetary Economics, Elsevier, vol. 22(1), pages 3-42, July.
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