Endogenous growth theory: a critique |
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| Authors: | Omar Al-Ubaydli Terence Kealey |
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| Institution: | Omar Al-Ubaydli is a student and Terence Kealey is a lecturer in the Department of Clinical Biochemistry, Cambridge University. |
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| Abstract: | Endogenous growth theory is based on a misperception of how science and technology are acquired and diffused. In particular, it is incorrect to assume that knowledge is freely available. Any knowledge which has economic value has to be accessed via the brains of experts who are members of the relevant 'invisible college' and are rivalrous.It therefore has the characteristics of a private good which can be left to conventional economic incentives to supply. |
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