This paper studies the long-run consequences of imperfect competition on growth and the sectoral distribution of skills within an R&D-based growth model with human capital accumulation. We find that steady-state growth is driven only by incentives to accumulate skills. In the model imperfect competition has a positive growth effect, while influencing the allocation of human capital to the different economic activities employing this factor input. Contrary to general wisdom, the share of resources invested in R&D turns out not to be monotonically increasing in the product market power and its correlation with the equilibrium output growth rate is not unambiguous.

R&D, Imperfect Competition and Growth with Human Capital Accumulation / A. Bucci. - In: SCOTTISH JOURNAL OF POLITICAL ECONOMY. - ISSN 0036-9292. - 50:4(2003), pp. 417-439.

R&D, Imperfect Competition and Growth with Human Capital Accumulation

A. Bucci
Primo
2003

Abstract

This paper studies the long-run consequences of imperfect competition on growth and the sectoral distribution of skills within an R&D-based growth model with human capital accumulation. We find that steady-state growth is driven only by incentives to accumulate skills. In the model imperfect competition has a positive growth effect, while influencing the allocation of human capital to the different economic activities employing this factor input. Contrary to general wisdom, the share of resources invested in R&D turns out not to be monotonically increasing in the product market power and its correlation with the equilibrium output growth rate is not unambiguous.
Settore SECS-P/02 - Politica Economica
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Utilizza questo identificativo per citare o creare un link a questo documento: http://hdl.handle.net/2434/5535
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