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Persistent link: https://www.econbiz.de/10011875544
Empirically R&D expenditure moves pro-cyclically, but the pro- cyclicality is a puzzle from the Schumpeterian point of view. The paper examines the cyclical property of R&D expenditure in the context of endogenous growth, and concludes that (i) substitutability between investing in physical...
Persistent link: https://www.econbiz.de/10005126375