A Welfare Analysis of Growth Models with Endogenous Innovation

William Schworm

No 311, Econometric Society 2004 Australasian Meetings from Econometric Society

Abstract: In this paper, I study the welfare properties of growth models with endogenous innovation, knowledge externalities, and monopoly pricing of new goods. Since useful policy prescriptions cannot be inferred from a balanced growth analysis, welfare is analyzed for transition paths. I provide a general comparison of the market equilibrium path and the optimal path for any initial conditions. To elicidate the welfare properties of the model, I present a constrained optimality result for the market equilibriu

Keywords: welfare; growth; innovation (search for similar items in EconPapers)
JEL-codes: O3 O4 (search for similar items in EconPapers)
Date: 2004-08-11

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Persistent link: http://EconPapers.repec.org/RePEc:ecm:ausm04:311

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