R&D capital: An engine of growth

Jakub Growiec

Economics Letters, 2022, vol. 217, issue C

Abstract: Research and development (R&D) requires not only skilled research work, but also dedicated machinery and equipment: R&D capital. In this paper I demonstrate that R&D, producing labor-augmenting ideas, and the accumulation of R&D capital can form a dual engine of economic growth. With R&D capital, balanced growth can be sustained even under decreasing returns and in the absence of population growth. This result contributes to the long-lasting debate on endogenous vs. semi-endogenous R&D-based growth and the likelihood of an upcoming secular stagnation.

Keywords: R&D capital; Long-run economic growth; Growth engine; Endogenous growth; Secular stagnation (search for similar items in EconPapers)
JEL-codes: O30 O40 (search for similar items in EconPapers)
Date: 2022
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Working Paper: R&D Capital: An Engine of Growth (2022)
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Persistent link: https://EconPapers.repec.org/RePEc:eee:ecolet:v:217:y:2022:i:c:s0165176522002403

DOI: 10.1016/j.econlet.2022.110703

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