R&D Capital: An Engine of Growth

Jakub Growiec

No 2022-077, KAE Working Papers from Warsaw School of Economics, Collegium of Economic Analysis

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)
Pages: 10 pages
Date: 2022-05
New Economics Papers: this item is included in nep-gro and nep-knm
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http://hdl.handle.net/20.500.12182/1135 (application/pdf)

Related works:
Journal Article: R&D capital: An engine of growth (2022)
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Persistent link: https://EconPapers.repec.org/RePEc:sgh:kaewps:2022077

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