R-AND-D AND ECONOMIC-GROWTH

• 成果类型: Article
• 署名作者: STOKEY, NL
• 刊物名称: REVIEW OF ECONOMIC STUDIES
• ISSN/ISSBN: 0034-6527
• DOI: 10.2307/2298038
• 发表日期: 1995
• 页码: 469-489
• 关键词: model; COMPETITION; INNOVATION; imitation

摘要

The aggregate rate of RandD in a competitive economy is compared with the optimal rate. The optimal rate of RandD is shown to be the same for all preferences in a broad family, while the competitive rate is sensitive to the form of substitutability among products and so can vary dramatically within a family. The second-best level of RandD is shown to be also common within a family and equal to the optimal rate. Numerical examples suggest that diminishing returns in the innovation technology is the most important potential source for excessive RandD in a competitive economy.