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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- Alberto Bucci, 2003.
"R&D, imperfect competition and growth with human capital accumulation,"
Departmental Working Papers
2003-11, Department of Economics, Management and Quantitative Methods at Università degli Studi di Milano.
- Alberto Bucci, 2003. "R&D, Imperfect Competition and Growth with Human Capital Accumulation," Scottish Journal of Political Economy, Scottish Economic Society, vol. 50(4), pages 417-439, 09.
- Lucas, Robert Jr., 1988. "On the mechanics of economic development," Journal of Monetary Economics, Elsevier, vol. 22(1), pages 3-42, July.
- 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.
- 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).
- Bianco, Dominique, 2008. "Growth and Competition in a Model of Human Capital Accumulation and Research," MPRA Paper 10913, University Library of Munich, Germany.
- Alvarez-Pelaez, Maria J. & Groth, Christian, 2005.
"Too little or too much R&D?,"
European Economic Review,
Elsevier, vol. 49(2), pages 437-456, February.
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