INTEL ECONOMICS*
构建了一个与英特尔等高科技企业经验一致的内生增长模型，分析行业领导者与小企业研发竞争，发现最优政策是大幅补贴研发活动。
This article presents an endogenous growth model that is designed to be roughly consistent with the experience of high‐tech firms like Intel. In the model, industry leaders invest in R&D to improve their products, small firms invest in R&D to become industry leaders, and innovating becomes progressively more difficult over time. Consistent with the empirical evidence, the model implies that economic growth is independent of economy size and R&D intensity is independent of firm size. For plausible parameter values, it is optimal to heavily subsidize R&D activities.