Investment, R&D, and Long-Run Growth:
In the 1990s, growth theory has incorporated imperfect competition in its investigations. This innovation has proven to be seminal: Cleviating from growth models with perfect competition, the new framework featured forward looking entrepreneurs. Firms maximize profits intertemporarily, i. e. their...
Gespeichert in:
| 1. Verfasser: | |
|---|---|
| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Berlin, Heidelberg
Springer Berlin Heidelberg
2002
|
| Ausgabe: | 1st ed. 2002 |
| Schriftenreihe: | Lecture Notes in Economics and Mathematical Systems
509 |
| Schlagworte: | |
| Online-Zugang: | BTU01 Volltext |
| Zusammenfassung: | In the 1990s, growth theory has incorporated imperfect competition in its investigations. This innovation has proven to be seminal: Cleviating from growth models with perfect competition, the new framework featured forward looking entrepreneurs. Firms maximize profits intertemporarily, i. e. their in vestment leads to instantaneous sunk costs and offers flows of future profits. Firms finance this investment by launching shares. The capital market is per fectly competitive, implying that the return on a share is equal to the return on a bond. As opposed to the capital market, the goods market is imperfectly competitive. As a result of investment, firms enjoy market power. That is, firms may acquire the capability to provide a product that is differentiated in, e. g. , styling, technology, accessibility, or reputation. The launch of a dif ferentiated product allows to capture a market niche, and successful firms may price above marginal cost. The resulting profit flows are channelled to the firms' shareholders. The introduction of monopolistic competition into growth theory is valuable: real world economies may be portrayed rather by such an imperfect competition framework than by a perfect competition approach. Starting with Romer (1990), in growth theory, modeling of imperfect competition has been notoriously bound to a focus on the impact of research and development (R&D) on economic growth. In the existing literature, growth-affecting investment is restricted to R&D investment |
| Beschreibung: | 1 Online-Ressource (XVI, 196 p) |
| ISBN: | 9783642517181 |
| DOI: | 10.1007/978-3-642-51718-1 |
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| 520 | |a In the 1990s, growth theory has incorporated imperfect competition in its investigations. This innovation has proven to be seminal: Cleviating from growth models with perfect competition, the new framework featured forward looking entrepreneurs. Firms maximize profits intertemporarily, i. e. their in vestment leads to instantaneous sunk costs and offers flows of future profits. Firms finance this investment by launching shares. The capital market is per fectly competitive, implying that the return on a share is equal to the return on a bond. As opposed to the capital market, the goods market is imperfectly competitive. As a result of investment, firms enjoy market power. That is, firms may acquire the capability to provide a product that is differentiated in, e. g. , styling, technology, accessibility, or reputation. The launch of a dif ferentiated product allows to capture a market niche, and successful firms may price above marginal cost. The resulting profit flows are channelled to the firms' shareholders. The introduction of monopolistic competition into growth theory is valuable: real world economies may be portrayed rather by such an imperfect competition framework than by a perfect competition approach. Starting with Romer (1990), in growth theory, modeling of imperfect competition has been notoriously bound to a focus on the impact of research and development (R&D) on economic growth. In the existing literature, growth-affecting investment is restricted to R&D investment | ||
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| spelling | Hornung, Dietmar Verfasser aut Investment, R&D, and Long-Run Growth by Dietmar Hornung 1st ed. 2002 Berlin, Heidelberg Springer Berlin Heidelberg 2002 1 Online-Ressource (XVI, 196 p) txt rdacontent c rdamedia cr rdacarrier Lecture Notes in Economics and Mathematical Systems 509 In the 1990s, growth theory has incorporated imperfect competition in its investigations. This innovation has proven to be seminal: Cleviating from growth models with perfect competition, the new framework featured forward looking entrepreneurs. Firms maximize profits intertemporarily, i. e. their in vestment leads to instantaneous sunk costs and offers flows of future profits. Firms finance this investment by launching shares. The capital market is per fectly competitive, implying that the return on a share is equal to the return on a bond. As opposed to the capital market, the goods market is imperfectly competitive. As a result of investment, firms enjoy market power. That is, firms may acquire the capability to provide a product that is differentiated in, e. g. , styling, technology, accessibility, or reputation. The launch of a dif ferentiated product allows to capture a market niche, and successful firms may price above marginal cost. The resulting profit flows are channelled to the firms' shareholders. The introduction of monopolistic competition into growth theory is valuable: real world economies may be portrayed rather by such an imperfect competition framework than by a perfect competition approach. Starting with Romer (1990), in growth theory, modeling of imperfect competition has been notoriously bound to a focus on the impact of research and development (R&D) on economic growth. In the existing literature, growth-affecting investment is restricted to R&D investment Economic Growth Finance, general R & D/Technology Policy Economic growth Finance Economic policy Forschung und Entwicklung (DE-588)4017897-3 gnd rswk-swf Wachstumstheorie (DE-588)4128160-3 gnd rswk-swf Endogenes Wirtschaftswachstum (DE-588)4378670-4 gnd rswk-swf Spill-over-Effekt (DE-588)4225795-5 gnd rswk-swf (DE-588)4113937-9 Hochschulschrift gnd-content Wachstumstheorie (DE-588)4128160-3 s Endogenes Wirtschaftswachstum (DE-588)4378670-4 s Forschung und Entwicklung (DE-588)4017897-3 s Spill-over-Effekt (DE-588)4225795-5 s DE-604 Erscheint auch als Druck-Ausgabe 9783540425281 Erscheint auch als Druck-Ausgabe 9783642517198 https://doi.org/10.1007/978-3-642-51718-1 Verlag URL des Erstveröffentlichers Volltext |
| spellingShingle | Hornung, Dietmar Investment, R&D, and Long-Run Growth Economic Growth Finance, general R & D/Technology Policy Economic growth Finance Economic policy Forschung und Entwicklung (DE-588)4017897-3 gnd Wachstumstheorie (DE-588)4128160-3 gnd Endogenes Wirtschaftswachstum (DE-588)4378670-4 gnd Spill-over-Effekt (DE-588)4225795-5 gnd |
| subject_GND | (DE-588)4017897-3 (DE-588)4128160-3 (DE-588)4378670-4 (DE-588)4225795-5 (DE-588)4113937-9 |
| title | Investment, R&D, and Long-Run Growth |
| title_auth | Investment, R&D, and Long-Run Growth |
| title_exact_search | Investment, R&D, and Long-Run Growth |
| title_exact_search_txtP | Investment, R&D, and Long-Run Growth |
| title_full | Investment, R&D, and Long-Run Growth by Dietmar Hornung |
| title_fullStr | Investment, R&D, and Long-Run Growth by Dietmar Hornung |
| title_full_unstemmed | Investment, R&D, and Long-Run Growth by Dietmar Hornung |
| title_short | Investment, R&D, and Long-Run Growth |
| title_sort | investment r d and long run growth |
| topic | Economic Growth Finance, general R & D/Technology Policy Economic growth Finance Economic policy Forschung und Entwicklung (DE-588)4017897-3 gnd Wachstumstheorie (DE-588)4128160-3 gnd Endogenes Wirtschaftswachstum (DE-588)4378670-4 gnd Spill-over-Effekt (DE-588)4225795-5 gnd |
| topic_facet | Economic Growth Finance, general R & D/Technology Policy Economic growth Finance Economic policy Forschung und Entwicklung Wachstumstheorie Endogenes Wirtschaftswachstum Spill-over-Effekt Hochschulschrift |
| url | https://doi.org/10.1007/978-3-642-51718-1 |
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