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Effectiveness versus Efficiency: Growth-Accelerating Policies in a Model of Growth without Scale Effects

机译:有效性与效率:无规模效应的增长模型中的加速增长政策

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Recent R&D growth models without strong scale effects imply that long-run growth rates depend only on parameters that are usually taken to be exogenous. However, integrating human capital accumulation into models of this type, Arnold (2002) demonstrates that subsidizing education accelerates growth. The present paper addresses welfare issues in Arnold's model. The main theoretical finding of the paper is that a system of subsidies that implements the optimal balanced growth path as a decentralized equilibrium includes zero subsidies to education, while R&D activity should be either subsidized or taxed. To shed further light on the latter result, the model is calibrated and it turns out that along the balanced growth path, the decentralized economy underinvests in R&D, i.e. R&D activities should be subsidized.
机译:没有强大规模效应的最新R&D增长模型意味着长期增长率仅取决于通常被认为是外生的参数。但是,将人力资本积累整合到这种模型中,Arnold(2002)证明了对教育的补贴促进了增长。本文以阿诺德模型探讨福利问题。本文的主要理论发现是,实行分散式均衡的最优均衡增长路径的补贴制度包括对教育的零补贴,而研发活动应予以补贴或征税。为了进一步阐明后者的结果,该模型经过了校准,结果表明,沿着均衡的增长路径,去中心化经济对研发的投资不足,即应该对研发活动进行补贴。

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