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Growth, R&D and welfare: the role of public policy

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  • MINNITI, Antonio

Abstract

This paper analyzes the normative side of an R&D growth model in which market structure and growth are jointly determined in the equilibrium of a one‐sector economy under monopolistic competition. We find that a distortion in the allocation of R&D, namely the presence of technological spillovers between firms, generates two market failures: insufficient growth and excessive entry of firms. We show that this result is driven by the interplay between market structure and growth. A simple tax/subsidy scheme to support the efficient solution is proposed.
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  • MINNITI, Antonio, 2006. "Growth, R&D and welfare: the role of public policy," LIDAM Reprints CORE 1925, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
    • Handle: RePEc:cor:louvrp:1925
    DOI: 10.1111/j.1467-9485.2006.00389.x
    Note: In : Scottish Journal of Political Economy, 53(4), 447-460, 2006
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