On the Sustainability of R&D Based Endogenous Growth
We construct a R&D based endogenous growth model within an overlapping generations framework. We study the properties of the long run growth rate. We define endogenous growth as an equilibrium in which the long run growth rate is always stricly larger than zero. Then, we show that endogenous growth is possible even when the returns to R&D are decreasing as long as patents last one period. Indeed, in this case there does not exist any other support for savings than new firms creation. This result is no longer valid when patents are infinitely lived, because existing patents constitute an alternative affectation for savings.
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