On explosive dynamics in R&D-based models of endogenous growth

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Several R&D-based models of endogenous economic growth are investigated under the Solow-like assumption of fixed allocation of resources across activities. We identify model parameters that lead to explosive dynamics and analyze various economic techniques to avoid it. The techniques include adding stricter constraints on model trajectories and limiting factors in technology equation. In particular, we demonstrate that our vintage version of the well-known R&D-based model of economic growth [C.I. Jones, R & D-based models of economic growth, J. Polit. Econom. 103 (1995) 759-784] exhibits the same balanced dynamics as the original model. © 2008 Elsevier Ltd. All rights reserved.

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