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Endogenous growth theory suggests that technological knowledge stimulates growth, yet the micro foundations of this … process remain obscure. Knowledge spillover theory posits that growth is contingent on the technology dependence of industries …: First, do industries with a greater need for new technology-based entrepreneurship grow disproportionately faster than other …
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The analysis in this paper shows that unpredictable variations in economic productivity may have a positive or negative effect on the average growth rate of output. This theoretical ambiguity result is not solely determined by the value of the elasticity of intertemporal substitution (of...
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We consider an R&D-driven endogenous growth model in which innovation is risky and agents are risk averse. Growth is determined by the occupational choice of agents who can either work in production for a wage or become entrepreneurs. In this context, we examine the impact of redistributive...
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