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I propose a Schumpeterian analysis of the growth and welfare effects of a deficit-financed cut of the tax rate on distributed dividends. I find that income per capita growth initially accelerates and then decelerates, eventually converging to a long-run value lower than the starting one....
Persistent link: https://www.econbiz.de/10012723109
This paper analyses several theoretical perspectives on the relationship between foreign direct investment (FDI) flows and 'productivity growth', interpreted as growth in total factor productivity (TFP). We begin with general equilibrium models. An open economy version of Solow's famous (1956)...
Persistent link: https://www.econbiz.de/10012736471
This paper studies the effects of stock market valuation on research investment, the rate of innovation and welfare. In … and raise the economy-wide investment in Ramp;D and the rate of innovation. If the decentralized equilibrium rate of … innovation is inefficiently low, then such episodes may lead to an increase in aggregate welfare even if the higher valuation is …
Persistent link: https://www.econbiz.de/10012776132
A model is presented based on recent theories of economic growth that treat commercially oriented innovation efforts as …
Persistent link: https://www.econbiz.de/10012781649
performance is identified in the insufficient expenditure on research and development, which caused innovation to slow down …
Persistent link: https://www.econbiz.de/10012923661
We develop and estimate a model of technological innovation and its contribution to growth at home and abroad …
Persistent link: https://www.econbiz.de/10012753074
I use the aggregate behavior of three indicators of technology (employment of research and scientists and enginerrs, patented inventions, and total factor productivity) to identify a model of endogenous technological change. In the United States and several other developed countries, research...
Persistent link: https://www.econbiz.de/10012753082