R&D and Economic Growth Export

@article{citeulike:478775, abstract = {The aggregate rate of R\&D in a competitive economy is compared with the optimal rate. The optimal rate of R\&D is shown to be the same for all preferences in a broad family, while the competitive rate is sensitive to the form of substitutability among products and so can vary dramatically within a family. The second-best level of R\&D is shown to be also common within a family and equal to the optimal rate. Numerical examples suggest that diminishing returns in the innovation technology is the most important potential source for excessive R\&D in a competitive economy.}, author = {Stokey, Nancy L.}, citeulike-article-id = {478775}, citeulike-linkout-0 = {http://www.jstor.org/stable/2298038}, journal = {The Review of Economic Studies}, keywords = {development, economic, groth, research}, number = {3}, pages = {469--489}, posted-at = {2006-01-24 14:34:39}, priority = {2}, title = {R\&D and Economic Growth}, url = {http://www.jstor.org/stable/2298038}, volume = {62}, year = {1995} }

TY - JOUR ID - citeulike:478775 L3 - citeulike-article-id:478775 N2 - The aggregate rate of R&D in a competitive economy is compared with the optimal rate. The optimal rate of R&D is shown to be the same for all preferences in a broad family, while the competitive rate is sensitive to the form of substitutability among products and so can vary dramatically within a family. The second-best level of R&D is shown to be also common within a family and equal to the optimal rate. Numerical examples suggest that diminishing returns in the innovation technology is the most important potential source for excessive R&D in a competitive economy. IS - 3 JF - The Review of Economic Studies EP - 489 TI - R&D and Economic Growth VL - 62 SP - 469 KW - development KW - economic KW - groth KW - research AU - Stokey, Nancy PY - 1995/// UR - http://www.jstor.org/stable/2298038 ER -