首页    期刊浏览 2025年08月02日 星期六
登录注册

文章基本信息

  • 标题:Welfare Analysis in a Schumpeterian Growth Model with Capital
  • 本地全文:下载
  • 作者:Ashok Kaul ; Volker Reinthaler ; Marcus Hagedorn
  • 期刊名称:Economics Bulletin
  • 电子版ISSN:1545-2921
  • 出版年度:2007
  • 卷号:15
  • 出版社:Economics Bulletin
  • 摘要:In this note we compare the laissez-faire steady-state solution in the Howitt and Aghion (1998) model to the social optimum. The analysis offers several new insights in comparison to the welfare analysis in Aghion and Howitt (1992). We find various new distortions between private and optimal solution. First, a monopoly distortion effect generates too little capital accumulation in the private solution because households' gross return per unit of capital will be lower than in the social optimum due to monopoly power. Second, a cost-benefit gap effect leads to excessive research in the private solution because the planner is interested in the average technology whereas the private researcher is interested in the leading-edge technology. Third, we decompose the well-known intertemporal spillover effect into three subeffects and clarify why the planner does not consider other factors than the interest rate to discount gains from innovation.
国家哲学社会科学文献中心版权所有