| 書目名稱 | Investment, R&D, and Long-Run Growth | | 編輯 | Dietmar Hornung | | 視頻video | http://file.papertrans.cn/476/475012/475012.mp4 | | 叢書名稱 | Lecture Notes in Economics and Mathematical Systems | | 圖書封面 |  | | 描述 | 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 b | | 出版日期 | Book 2002 | | 關(guān)鍵詞 | Investment; economic growth; growth; growth model; growth theory; research & development (R&D) | | 版次 | 1 | | doi | https://doi.org/10.1007/978-3-642-51718-1 | | isbn_softcover | 978-3-540-42528-1 | | isbn_ebook | 978-3-642-51718-1Series ISSN 0075-8442 Series E-ISSN 2196-9957 | | issn_series | 0075-8442 | | copyright | Springer-Verlag Berlin Heidelberg 2002 |
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