Arnold, Lutz G. (1998) Growth, Welfare, and Trade in an Integrated Model of Human-Capital Accumulation and Research. Journal of Macroeconomics 20 (1), pp. 81-105.
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R&D-based models of growth predict an unrealistic degree of responsiveness of long-run growth rates to policy changes. The present paper “exogenizes” the equilibrium growth rate in the Grossman-Helpman model by endogenizing human capital along the lines proposed by Uzawa and Lucas: the pace of long-run growth is unaffected by R&D subsidies, flat-rate taxes, basic research, and—in highly developed countries—by cross-border knowledge spillovers and international trade. A complete dynamic analysis is performed.
|Institutions:||Business, Economics and Information Systems > Institut für Volkswirtschaftslehre und Ökonometrie > Lehrstuhl für Theoretische Volkswirtschaft (Prof. Dr. Lutz Arnold)|
|Subjects:||300 Social sciences > 330 Economics|
|Refereed:||Yes, this version has been refereed|
|Created at the University of Regensburg:||Unknown|
|Deposited On:||24 Jun 2010 04:58|
|Last Modified:||24 Jun 2010 04:58|