Spending on research and development in Korea has been growing in real terms. Moreover, its relative importance compared to other economic activities has been steadily increasing as well. This paper examines the socially optimal share of R&D in the endogenous economic growth model. The paper considers both laissez-faire (market equilibrium) steady-state growth rate and the social optimum. Because individuals and individual firms do not internalize the effect of individual knowledge accumulation when optimizing on consumption and capital accumulation, the equilibrium growth rate turns out to be less than the socially optimal rate of growth.
The paper develops the model(Jones and Williams, 2000), finding that the decentralized economy typically underinvests in R&D relative to what is socially optimum. (The rest omitted)
- 지속적 경제성장을 위한 최적 R&D 집약도 도출(Optimal R&D intensity: welfare analysis)
지속적 경제성장을 위한 최적 R&D 집약도 도출(Optimal R&D intensity: welfare analysis)
파레토 최적배분을 위한 탐색적 연구
|Series Title; No||정책연구 / 07-02|
|Subject Country||South Korea(Asia and Pacific)|
|Subject||Industry and Technology < Science/Technology|