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We analyze the impact of obsolescence of economic inventions by incorporating maintenance costsin the endogenous growth model of expanding product varieties. This contrasts with the existingliterature, which ignores maintenance costs and uses the model of quality improvements todescribe...
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The importance of knowledge spillovers for achieving innovation and economic growth is widely recognized. It is not … this controversy using a model of regional growth. The model also deals with the impact of local competition on innovation …
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