期刊名称：CORE Discussion Papers / Center for Operations Research and Econometrics (UCL), Louvain
出版年度：2002
卷号：2002
出版社：Center for Operations Research and Econometrics (UCL), Louvain
摘要：In this paper, an endogenous growth model is built up incorporating Schumpete-
rian growth and embodied technological progress. Under embodiment, long run
growth is affected by the following effects: (i) obsolescence costs add to the user
cost of capital, reducing the research effort; and (ii) the modernization of capital
through investment raises the incentives to undertake R&D activities. Applied
to the understanding of the growth enhancing role of both capital and R&D
subsidies, we conclude that the positive effect of modernization generally more
than compensate the negative effect of obsolescence.
