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The level of R&D spending in the variety-based endogenous growth model |
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| Institution: | 1. School of Business, London South Bank University, 103 Borough Road, London SE1 0AA, United Kingdom;2. School of Management, University of Leicester, University Road, Leicester LE1 7RH, United Kingdom;3. GRAPES, rue de la Belle Jardiniere 483, B-4031 Angleur, Belgium;4. eHumanitiesgroup, Royal Netherlands Academy of Arts and Sciences, Joan Muyskenweg 25, 1096 CJ, Amsterdam, The Netherlands\n |
| Abstract: | We show that equilibrium endogenous growth may be excessive in the variety-based endogenous growth modelà la5 . This result is obtained by relaxing the assumption on the constant elasticity of the demand function for intermediate goods. |
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