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Title: Reexamining the interaction between innovation and capital accumulation
Authors: Zeng, J. 
Keywords: Capital accumulation
Long-run growth
Policy effects
Issue Date: 2003
Source: Zeng, J. (2003). Reexamining the interaction between innovation and capital accumulation. Journal of Macroeconomics 25 (4) : 541-560. ScholarBank@NUS Repository.
Abstract: In endogenous growth models with innovation and capital accumulation Arnold [J. Macroeconomics 20 (1998) 189] and Blackburn et al. [J. Macroeconomics 22 (2000) 81] show that long-run growth of per capita income is independent of innovation activities; it is solely determined by preferences and the human capital accumulation technology. As a result, government policies do not affect long-run growth. This paper develops an endogenous growth model with innovation and (physical and human) capital accumulation to show that long-run growth depends on both innovation and capital accumulation technologies as well as on preferences and that government taxes and subsidies can have effects on the long-run growth rate.©2003 Elsevier Inc. All rights reserved.
Source Title: Journal of Macroeconomics
ISSN: 01640704
DOI: 10.1016/j.jmacro.2002.06.001
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