R&D, Imperfect Competition and Growth with Human Capital Accumulation

Alberto Bucci ()

Scottish Journal of Political Economy, 2003, vol. 50, issue 4, 417-439

Abstract: This paper studies the long‐run consequences of imperfect competition on growth and the sectoral distribution of skills within an R&D‐based growth model with human capital accumulation. We find that steady‐state growth is driven only by incentives to accumulate skills. In the model imperfect competition has a positive growth effect, while influencing the allocation of human capital to the different economic activities employing this factor input. Contrary to general wisdom, the share of resources invested in R&D turns out not to be monotonically increasing in the product market power and its correlation with the equilibrium output growth rate is not unambiguous.

Date: 2003
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https://doi.org/10.1111/1467-9485.5004004

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Working Paper: R&D, imperfect competition and growth with human capital accumulation (2003)
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