We analyze the general-equilibrium e§ects of alternative regimes of access rights over renewable natural resources ñnamely, open access versus full property rights ñon the pace of development when economic growth is endogenously driven by both horizontal and vertical innovations. Resource...

We study the interactions between technological change, resource scarcity and population dynamics in a Schumpeterian model with endogenous fertility. We find a pseudo-Malthusian equilibrium in which population is constant and determined by resource scarcity while income grows exponentially. If...

We analyze the general-equilibrium effects of alternative regimes of access rights over renewable natural resources – namely, open access versus full property rights on the pace of development when economic growth is endogenously driven by both horizontal and vertical innovations. Resource...

This paper develops a theory of the emergence of modern innovation-driven Schumpeterian growth. It uses a tractable model that yields a closed-form solution, consisting of an S-shaped (i.e., logistic-like) time path of firm size and a set of equations that express the relevant endogenous...

This paper takes a new look at the long-run implications of resource abundance. It develops a Schumpeterian model of endogenous growth that incorporates an upstream resource-intensive sector and yields an analytical solution for the transition path. It then derives conditions under which, as the...

Evidence shows that firms build their market position by accumulating knowledge protected by secrecy, patents and other appropriation devices. I explore the implications of this fact in a model economy where oligopolistic firms establish in-house R&D programs. In symmetric equilibrium, the...

In the early stage of western industrialization, innovation was the domain of individuals who devoted their entrepreneurial talents to the development of a new product or process, typically setting up a new firm in order to take the innovation to the market. Today, commercial R&D is almost...

Unemployment occurs when some agents, say unions, have control over the wage and set it above the market-clearing level. In other words, it is generated by their exercise of market power. What if, in addition, firms have control over prices in the product market? In this case, market power of...

I propose a Schumpeterian analysis of the growth and welfare effects of a deficit-financed cut of the tax rate on distributed dividends. I find that income per capita growth initially accelerates and then decelerates, eventually converging to a long-run value lower than the starting one....

This paper takes a new look at the long-run implications of resource abundance. Using a Schumpeterian growth model that yields an analytical solution for the transition path, it derives conditions under which the curse of natural resources occurs and is in fact a curse, meaning that welfare...