Munich Personal RePEc Archive

Decreasing Return of Intra-industry R&D and Economic Growth

Liu, Haiyang (2014): Decreasing Return of Intra-industry R&D and Economic Growth.

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This paper presents a growth model with decreasing returns of intra-industry research and development. With the old industries fade away, more and more researchers come out to create new industries. This means growth can keep constant, stagnancy can breed prosperity, and it can also explain business cycle, structural change, the rise and fall of national economy, and the importance of freedom market which allowing abound trial and error to seek new growth engine.

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