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A Model With Knowledge Externalities And Educational Policy

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  • Aleksandar VASILEV

    (University of Lincoln, UK)

Abstract

We utilize a standard endogenous-growth model with knowledge spillovers (the “k-K” model). We characterize the optimal Balanced Growth Path (BGP), and compare it to path under market competition. In the presence of externalities, markets fail. One way to restore efficiency is to subsidize knowledge accumulation, and finance the subsidy by taxing final consumption.

Suggested Citation

  • Aleksandar VASILEV, 2021. "A Model With Knowledge Externalities And Educational Policy," Theoretical and Practical Research in the Economic Fields, ASERS Publishing, vol. 12(1), pages 39-41.
    • Handle: RePEc:srs:jtpref:v:12:y:2021:i:1:p:39-41
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    JEL classification:

    • O31 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Innovation and Invention: Processes and Incentives
    • O41 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - One, Two, and Multisector Growth Models

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