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R&D, imperfect competition and growth with human capital accumulation

  • Alberto Bucci

    ()

This paper studies the long-run consequences of imperfect competition on growth and the sectoral distribution of skills within an R&D-based growth model with human capital accumulation. We find that steady-state growth is driven only by incentives to accumulate skills. In the model imperfect competition has a positive growth effect, while influencing the allocation of human capital to the different economic activities employing this factor input. Contrary to general wisdom, the share of resources invested in R&D turns out not to be monotonically increasing in the product market power and its correlation with the equilibrium output growth rate is not unambiguous.

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File URL: http://wp.demm.unimi.it/tl_files/wp/2003/DEMM-2003_011wp.pdf
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Paper provided by Department of Economics, Management and Quantitative Methods at Università degli Studi di Milano in its series Departmental Working Papers with number 2003-11.

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Date of creation: 01 Jan 2003
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Handle: RePEc:mil:wpdepa:2003-11
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