Market Power and Aggregate Economic Growth in Models with Endogenous Technological Change

Alberto Bucci ()

Giornale degli Economisti, 2003, vol. 62, issue 2, 241-291

Abstract: This paper overviews the main interactions between product market competition and long-run growth. We start with the first generation of R&D-based growth models and keep distinct the vertical from the horizontal differentiation approaches. Our main objective here is to study why these two branches of the same literature give different predictions as for the long-run relationship between competition and growth. Next, we introduce the second generation of R&D-based growth models and analyse the way they reconcile the Schumpeterian paradigm with the Darwinian view. Finally, we review the literature that endogenises the markups and the one that eliminates the scale-effects prediction.

Keywords: product differentiation; market power; technological change; endogenous growth (search for similar items in EconPapers)
JEL-codes: D43 L16 O31 O41 (search for similar items in EconPapers)
Date: 2003
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Citations: View citations in EconPapers (8)

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