Acta Oeconomica
Volume/Issue:
Volume 55: Issue 2
Monopoly power in human capital-based growth
Author: Alberto Bucci 1
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  • 1 Department of Economics, University of Milan via Conservatorio 7, I-20122 Milan, Italy
DOI:
https://doi.org/10.1556/aoecon.55.2005.2.1
Page Count:
121–150
Publication Date:
01 Jul 2005
Online Publication Date:
05 Aug 2005
Article Category:
Research Article
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Using a balanced growth model with human capital accumulation and R&D activity, this paper examines how imperfect competition in the product market affects economic growth and the sectoral distribution of skills in the long-run. We find that steady-state growth is driven only by incentives to acquire human capital and is independent of scale effects. In the model imperfect competition in the product market has a positive growth effect, while influencing the allocation of skills to different economic activities. High R&D investment is not necessarily associated with high output growth.

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Cover Acta Oeconomica
Acta Oeconomica Periodical of the Hungarian Academy of Sciences
Print ISSN:
0001-6373
Online ISSN:
1588-2659
Keywords:
human capital; human capital; endogenous growth; R&D; product market power

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