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R&D poverty traps
Sánchez-Losada, Fernando; García Rodríguez, Abián
Universitat de Barcelona
In this paper we show that the R&D effort of a country and its economic growth are highly correlated. In order to analyze this relationship, we study the nature of the researching activity. In particular, we focus on the following characteristics of research: the inherent uncertainty of researching, the existence of a wage premium associated to innovative activities, and moral hazard. Assuming that a higher R&D effort translates into a higher R&D success probability, we show that when the R&D success probability is low, the economy is not willing to bear the risk associated to R&D activities. As a consequence, few researchers are hired and the economy stays in an R&D poverty trap, a situation where the economy is stacked in a low growth environment due to the uncertainty associated with the researching activity.
24-03-2014
Desenvolupament econòmic
Innovacions tecnològiques
Propietat intel·lectual
Política governamental
Economic development
Technological innovations
Intellectual property
Government policy
cc-by-nc-nd, (c) Sánchez-Losada et al., 2014
http://creativecommons.org/licenses/by-nc-nd/3.0/
Documento de trabajo
Universitat de Barcelona. Facultat d'Economia i Empresa
         

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