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Innovation, Imitation And Economic Growth

  • SEGERSTROM, P.S.

This paper develops a dynamic general equilibrium model of economic growth. The model has a steady-state equilibrium in which some firms devote resources to copying these products. Rates of both innovation and imitation are endogenously determined on the basis of the outcomes of R&D races between firms. Innovation subsidies are shown to unambiguously promote economic growth. Welfare is enhanced, however, only if the steady-state intensity of innovative effort exceeds a critical level. Copyright 1991 by University of Chicago Press.

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Paper provided by Michigan State - Econometrics and Economic Theory in its series Papers with number 8818.

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Length: 32 pages
Date of creation: 1990
Date of revision:
Handle: RePEc:fth:mistet:8818
Contact details of provider: Postal: MICHIGAN STATE UNIVERSITY, DEPARTMENT OF ECONOMICS, EAST LANSING MICHIGAN 48824 U.S.A.
Phone: 517.355.7583
Fax: 517.432.1068
Web page: http://econ.msu.edu/

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