R&D, Imperfect Competition and Growth with Human Capital Accumulation
This paper studies the long-run consequences of imperfect competition on growth and the sectoral distribution of skills within an R&D-based growth model with human capital accumulation. We find that steady-state growth is driven only by incentives to accumulate skills. In the model imperfect competition has a positive growth effect, while influencing the allocation of human capital to the different economic activities employing this factor input. Contrary to general wisdom, the share of resources invested in R&D turns out not to be monotonically increasing in the product market power and its correlation with the equilibrium output growth rate is not unambiguous. Copyright (c) Scottish Economic Society 2003.
Year of publication: |
2003
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Authors: | Bucci, Alberto |
Published in: |
Scottish Journal of Political Economy. - Scottish Economic Society - SES. - Vol. 50.2003, 4, p. 417-439
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Publisher: |
Scottish Economic Society - SES |
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