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Endogenous Growth Without Scale Effects in a Process Innovation Model
Shyn, Yong Sang 한국경제학회 2001 The Korean Economic Review Vol.17 No.1
One of the key issues related to the endogenous growth models based on R&D is whether the long-run economic growth rate is endogenously or semi-endogenously determined. This paper extends this debate to another type of endogenous growth model, a process innovation model with learning-by-doing in the production of new technology. The model supports the semi-endogeneity of long-run economic growth and the effectiveness of public policy on economic welfare. The driving forces of these results are the negative externality of past successful innovation in the production of new technology and the public good property of new technology.