RISING R&D INTENSITY AND ECONOMIC GROWTH

Andreas Pollak

Economic Inquiry, 2014, vol. 52, issue 4, 1427-1445

Abstract: type="main" xml:id="ecin12096-abs-0001"> Over the past decades, private R&D spending in the United States and other developed countries has been growing faster than gross domestic product. At the same time, the growth rates of per-capita and aggregate output have been rather stable, possibly declining slightly. This article proposes a growth model that can account for the observed phenomenon by explicitly describing competition among technological leaders and followers in individual markets in a way that is consistent with existing studies on firms' motivation to invest in R&D. The model shows the possibility that the unsustainable trend of rising R&D intensity persists for a very long time. (JEL O3, O4, L1)

Date: 2014
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Related works:
Working Paper: Rising R&D Intensity and Economic Growth (2012)
Working Paper: Rising R&D Intensity and Economic Growth (2010)
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