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| Author: | Young, A. |
| Title: | Growth without scale effects |
| Journal: | Journal of Political Economy
1998 : FEB, VOL. 106:1, p. 41-63 |
| Index terms: | POLITICAL ECONOMY GROWTH SCALING |
| Language: | eng |
| Abstract: | An increase in the size of an economy increases the total quantity of rents that can be captured by successful innovators, which, in equilibrium, should lead to a rise in innovative activity. Conventional wisdom and the theoretical predictions of models of endogenous innovation suggest that this increased research effort should lead to more rapid growth. This prediction is at odds with the postwar experience of the OECD. |
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