A Welfare Analysis of Growth Models with Endogenous Innovation
In this paper, I study the welfare properties of growth models with endogenous innovation, knowledge externalities, and monopoly pricing of new goods. Since useful policy prescriptions cannot be inferred from a balanced growth analysis, welfare is analyzed for transition paths. I provide a general comparison of the market equilibrium path and the optimal path for any initial conditions. To elicidate the welfare properties of the model, I present a constrained optimality result for the market equilibriu
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|Date of creation:||11 Aug 2004|
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