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Do R&D subsidies necessarily stimulate economic growth?

Chen, Ping-ho and Chu, Hsun and Lai, Ching-Chong (2015): Do R&D subsidies necessarily stimulate economic growth?

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Abstract

This paper analyzes the growth effect of subsidy policies in a modified R&D-based growth model of Romer (1990), in which both innovation and capital accumulation are engines of long-run economic growth. We show that, under certain conditions, subsidizing the R&D sector may be growth-impeding.

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