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Too Much of a Good Thing? The Economics of Investment in R&D
Open accessAbstract
Research and development (R&D) is a key determinant of long run productivity and welfare.A central issue is whether a decentralized economy undertakes too little or too much R&D.We develop an endogenous growth model that incorporates parametrically four important distortions to R&D: the surplus appropriability problem, knowledge spillovers, creative destruction, and congestion externalities.We show that our model is consistent with the available evidence on R&D, growth, and markups.Calibrating the model to micro and macro data, we find that the decentralized economy typically underinvests in R&D relative to what is socially optimal.The only exceptions to this conclusion occur when both the congestion externality is extremely strong and the equilibrium real interest rate is very high.These results are robust to reasonable variations in model parameters.
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Endogenous Technological Change
Romer, P. M. (1990) · Journal of Political Economy · doi:10.1086/261725 · Cited by 17,711
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Research, Patenting, and Technological Change
Kortum, S. S. (1997) · Econometrica · doi:10.2307/2171741 · Cited by 916
Competing in Advanced Manufacturing: The Need for Improved Growth Models and Policies
Tassey, G. (2014) · Journal of Economic Perspectives · doi:10.1257/jep.28.1.27 · Cited by 122
Why it pays off to pay us well: The impact of basic research on economic growth and welfare
Prettner, K., & Werner, K. (2016) · Research Policy · doi:10.1016/j.respol.2016.03.001 · Cited by 80
Metadata
- Authors
- Jones, C., & Williams, J.
- Venue
- National Bureau of Economic Research
- Publisher
- National Bureau of Economic Research
- Published
- 1999-08
- OpenAlex
- W2118789665
- Cited by
- 415
- References
- 1
- Type
- report
- Language
- en
- Open access
- green
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