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AbstractThis paper studies the long‐run consequences of imperfect competition on growth and the sectoral distribution of skills within an R&D‐based growth model with human capital accumulation. We find that steady‐state growth is driven only by incentives to accumulate skills. In the model imperfect competition has a positive growth effect, while influencing the allocation of human capital to the different economic activities employing this factor input. Contrary to general wisdom, the share of resources invested in R&D turns out not to be monotonically increasing in the product market power and its correlation with the equilibrium output growth rate is not unambiguous.

This paper studies the long-run consequences of imperfect competition on growth & the sectoral distribution of skills within an R&D-based growth model with human capital accumulation. We find that steady-state growth is driven only by incentives to accumulate skills. In the model imperfect competition has a positive growth effect, while influencing the allocation of human capital to the different economic activities employing this factor input. Contrary to general wisdom, the share of resources invested in R&D turns out not to be monotonically increasing in the product market power & its correlation with the equilibrium output growth rate is not unambiguous. 1 Table, 2 Figures, 40 References. Adapted from the source document.

AbstractWe analyze the impact of financial development on economic growth. Differently from previous studies that focus mainly on balanced growth path outcomes, we also analyze the transitional dynamics of our model economy by using a finance‐extended Uzawa–Lucas framework where financial intermediation affects both human and physical capital accumulation. We show that, under certain rather general conditions, economic growth may turn out to be non‐monotonically related to financial development (as suggested by the most recent empirical evidence) and that too much finance may be detrimental to growth. We also show that the degree of financial development may affect the speed of convergence, which suggests that finance may play a crucial role in determining the length of the recovery process associated with exogenous shocks. Moreover, in a special case of the model, we observe that, under a realistic set of parameters, social welfare decreases with financial development, meaning that even when finance positively affects economic growth the short‐term costs associated with financial activities more than compensate their long‐run benefits.

Using a vertical differentiation model of endogenous growth with stochastic R&D activity, we characterise the optimal patent lifetime a government would set in order to maximise economic growth. We show that a finite patent lifetime does exist and is unique provided that the expected rate of return from R&D is sufficiently large. Additionally, we analyse the impact of the level of competition in the R&D sector, the interest rate, the monopoly profit and the productivity parameter of research technology on this optimal patent lifetime.

Part I Human Capital in the Form of Education, Demographic Change, and Their Economic Implications -- Chapter 1: The Non-linearity in the Relationship Between Human Capital and Growth; Alessandra Pelloni, Thanasis Stengos, and Fabrizio Valenti -- Chapter 2: Optimal Life-Cycle Education Decisions of Atomistic Individuals;Bernhard Skritek, Jesus Crespo Cuaresma, Arkadii V. Kryazhimskii, Klaus Prettner, Alexia Prskawetz,and Elena Rovenskayaa -- Chapter 3: Childlessness and Economic Development: A Survey; Thomas Baudin, David de la Croix, and Paula E. Gobbi -- Chapter 4: Demographic Change, Wage Inequality, and Technology; Demographic Change, Wage Inequality, and Technology; Oscar Afonso, Pedro Mazeda Gil, Pedro Cunha Neves, and Tiago Neves Sequeira -- Chapter 5: The Demographic Metabolism Model of Human Capital Formation; Erich Striessnig -- Part II: Part II Human Capital in the Form of Health, Its Economic Implications, and the Economic Policies for a Healthier World -- Chapter 6: Health and Income: Theory and Evidence for OECD Countries; Alberto Bucci, Lorenzo Carbonari, and Giovanni Trovato -- Chapter 7: Health Spending, Education and Endogenous Demographics in an OLG Model; Giam Pietro Cipriani and Tamara Fioroni -- Chapter 8:Health and Knowledge Externalities: Implications for Growth and Public Policy; Pierre-Richard Agénor -- Chapter 9: Population and the Environment: The Role of Fertility, Education and Life Expectancy; Fabio Mariani, Agustín Pérez-Barahona, and Natacha Raffin -- Chapter 10: HIV/AIDS,Demography andDevelopment: Individual Choices Versus Public Policies in SSA; Luca Gori, Piero Manfredi, Mauro Sodini