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A Welfare Analysis of Growth Models with Endogenous Innovation

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  • William Schworm

Abstract

In this paper, I study the welfare properties of growth models with endogenous innovation, knowledge externalities, and monopoly pricing of new goods. Since useful policy prescriptions cannot be inferred from a balanced growth analysis, welfare is analyzed for transition paths. I provide a general comparison of the market equilibrium path and the optimal path for any initial conditions. To elicidate the welfare properties of the model, I present a constrained optimality result for the market equilibriu

Suggested Citation

  • William Schworm, 2004. "A Welfare Analysis of Growth Models with Endogenous Innovation," Econometric Society 2004 Australasian Meetings 311, Econometric Society.
    • Handle: RePEc:ecm:ausm04:311
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    More about this item

    Keywords

    welfare; growth; innovation;
    All these keywords.

    JEL classification:

    • O3 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights
    • O4 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity

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