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Innovation, Imitation And Economic Growth

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  • SEGERSTROM, P.S.

Abstract

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.
(This abstract was borrowed from another version of this item.)

Suggested Citation

  • Segerstrom, P.S., 1990. "Innovation, Imitation And Economic Growth," Papers 8818, Michigan State - Econometrics and Economic Theory.
  • Handle: RePEc:fth:mistet:8818
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