Obsolescence and modernization in the growth process

• 成果类型: Article
• 署名作者: Boucekkine, R; del Río, F; Licandro, O
• 署名单位: Universite Catholique Louvain; Universite Catholique Louvain; Universidade de Santiago de Compostela
• 刊物名称: JOURNAL OF DEVELOPMENT ECONOMICS
• ISSN/ISSBN: 0304-3878
• DOI: 10.1016/j.jdeveco.2004.03.004
• 发表日期: 2005
• 页码: 153-171
• 关键词: Schumpeterian growth; creative destruction; embodiment; obsolescence; modernization

摘要

In this paper, an endogenous growth model is built up incorporating Schumpeterian creative destruction and embodied technological progress. Under embodiment, long run growth is affected by two opposite effects: (i) obsolescence costs add to the user cost of capital, which have a negative effect on research efforts; and (ii) the modernization of capital increases the demand for investment goods, raising the incentives to undertake research activities. Applied to the understanding of the growth enhancing role of both capital and R&D subsidies, we conclude that the positive effect of modernization generally more than compensates the negative effect of obsolescence. (c) 2004 Elsevier B.V. All rights reserved.