On the global supply of basic research

• 成果类型: Article
• 署名作者: Gersbach, Hans; Schneider, Maik T.
• 署名单位: Swiss Federal Institutes of Technology Domain; ETH Zurich; Centre for Economic Policy Research - UK
• 刊物名称: JOURNAL OF MONETARY ECONOMICS
• ISSN/ISSBN: 0304-3932
• DOI: 10.1016/j.jmoneco.2015.02.004
• 发表日期: 2015
• 页码: 123-137
• 关键词: Basic research; public goods; Economic growth; Coordination of governments

摘要

In a two-country Schumpeterian growth model, we study the incentives for basic research investments by governments in a globalized world. A country's basic research investments increase with the country's level of human capital and decline with its own market size. This may explain why some smaller countries invest so much in basic research. Compared with the optimal investments achievable when countries coordinate their basic research policies, a single country may over-invest in basic research. However, the total amount of decentralized basic research investments is always below the socially optimal investment level, which justifies policy coordination in this area. (C) 2015 Elsevier B.V. All rights reserved.