Welfare Implications of Non‐scale R&D‐based Growth Models
研究了非规模研发型增长模型中分散经济与社会最优的长期增长率一致，但研发投资份额和储蓄率的扭曲导致平衡增长路径水平差异，进而造成巨大福利损失，并探讨了公共政策的影响。
Abstract Non‐scale R&D‐based growth models imply that the decentral and the socially optimal long‐run growth rate coincide. Nonetheless, the distortions inherent in a market economy bias both the R&D investment share and the saving rate. As a result, the level of the balanced growth path may differ substantially between the two types of solution, implying a dramatic loss in welfare. The present paper explores the sources and magnitude of this gap. In addition, the consequences of public policies are examined, distinguishing between isolated policy measures from an overall policy programme.