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A model with knowledge externalities and educational policy

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  • Vasilev, Aleksandar

Abstract

We utilize a standard endogenous-growth model with knowledge spillovers (the “k-K” model). We characterize the optimal Balanced Growth Path (BGP), and compare it to the path under market competition. In the presence of externalities, markets fail. One way to restore efficiency is to subsidize knowledge accumulation, and finance the subsidy by taxing final consumption.

Suggested Citation

  • Vasilev, Aleksandar, 2021. "A model with knowledge externalities and educational policy," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, issue forthcomi.
    • Handle: RePEc:zbw:espost:233515
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    Keywords

    knowledge spillovers; externalities; educational subsidy;
    All these keywords.

    JEL classification:

    • O31 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Innovation and Invention: Processes and Incentives
    • O41 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - One, Two, and Multisector Growth Models

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