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| Tekijä: | Strulik, H. |
| Otsikko: | Too much of a good thing? The quantitative economics of R&D-driven growth revisited |
| Lehti: | Scandinavian Journal of Economics
2007 : VOL. 109:2, p. 369-386 |
| Asiasana: | human capital population change economic growth R&D models USA |
| Kieli: | eng |
| Tiivistelmä: | This paper sets out an R&D-based growth model of the 3rd generation with human capital accumulation and impure altruism. The model is calibrated with U.S. data. It is explored whether market provides too little or too much R&D. For benchmark parameters, the market share of employment in R&D is close to the socially optimal solution. It is shown through sensitivity analysis that the order of magnitude of possible deviation btw. market R&D and optimal R&D is smaller than suggested by previous research. However, small deviation of total research effort can be compatible with large sectoral misallocations etc. |
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