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Decreasing Return of Intra-industry R&D and Economic Growth

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  • Liu, Haiyang

Abstract

This paper presents a growth model with decreasing returns of intra-industry research and development. With the old industries fade away, more and more researchers come out to create new industries. This means growth can keep constant, stagnancy can breed prosperity, and it can also explain business cycle, structural change, the rise and fall of national economy, and the importance of freedom market which allowing abound trial and error to seek new growth engine.

Suggested Citation

  • Liu, Haiyang, 2014. "Decreasing Return of Intra-industry R&D and Economic Growth," MPRA Paper 60216, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:60216
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    References listed on IDEAS

    as
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    5. Samuel S. Kortum, 1997. "Research, Patenting, and Technological Change," Econometrica, Econometric Society, vol. 65(6), pages 1389-1420, November.
    6. Mokyr, Joel, 2005. "Long-Term Economic Growth and the History of Technology," Handbook of Economic Growth, in: Philippe Aghion & Steven Durlauf (ed.), Handbook of Economic Growth, edition 1, volume 1, chapter 17, pages 1113-1180, Elsevier.
    7. Segerstrom, Paul S, 1998. "Endogenous Growth without Scale Effects," American Economic Review, American Economic Association, vol. 88(5), pages 1290-1310, December.
    8. Peter Howitt, 1999. "Steady Endogenous Growth with Population and R & D Inputs Growing," Journal of Political Economy, University of Chicago Press, vol. 107(4), pages 715-730, August.
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    More about this item

    Keywords

    Economic Growth; Decreasing Return; Research and Development;
    All these keywords.

    JEL classification:

    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
    • O4 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity

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