Entry and growth in a perfectly competitive vintage model |
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Authors: | Peter Funk |
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Institution: | Staatswissenschaftliches Seminar, Universität zu Köln, Albertus-Magnus-Platz, 50923 Köln, Germany |
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Abstract: | A perfectly competitive vintage-knowledge model of Schumpeterian growth is introduced to study the relation between growth, technology-lifetime, entry, and productivity-dispersion. The incentive to innovate is generated by the productivity-dispersion (latent in traditional vintage models) between new and old plants, rather than by monopoly rents. The model has a unique steady-state REE with endogenous growth. The endogenous extent of entry constitutes a buffer, dampening the effect of research-efficiency and completely neutralizing the effect of population size or population growth rates on per-capita income levels and growth rates. Variations of research-efficiency lead to a negative relation between growth and vintage-lifetime and a non-monotonic relation between growth and productivity-dispersion. |
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Keywords: | D40 D90 O30 O40 |
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