R and D in R&D. Endogenous growth and welfare

Testo completo

(1)Department of Economics. R and D in R&D. Endogenous Growth and Welfare. Daria Denti. Thesis submitted for assessment with a view to obtaining the degree of Doctor of Economics of the European University Institute. Florence, February 2008.

(2) EUROPEAN UNIVERSITY INSTITUTE Department of Economics. R and D in R&D: Endogenous Growth and Welfare Daria Denti. Thesis submitted for assessment with a view to obtaining the degree of Doctor of Economics of the European University Institute. Examining Board: Prof.Vincenzo Denicolò, Università di Bologna (External Supervisor) Prof.Gino Gancia, Universitat Pompeu Fabra Prof.Omar Licandro, EUI (EUI Supervisor) Prof.Salvador Ortigueira, EUI. ©2008, Daria Denti No part of this thesis may be copied, reproduced or transmitted without prior permission of the author. Denti, Daria (2008), R and D in R&D: Endogenous Growth and Welfare European University Institute. DOI: 10.2870/143.

(3) #&'/$%&,+. ! KCI@8 @=?9 HC H<5B? 'A5F $=75B8FC 5B8 =5B@I75 .=C@5BH9 :CF <5J=B; 9L9FH98 H<9 ;F95H9GH =AD57H CB AM 697CA=B; 5B 97CBCA=GH ,<FCI;<CIH H<9G9 M95FG 'A5F $=75B8FC <5G 699B DF97=CIG :CF 5779GG=6=@=HM GI;;9GH=CBG 5B8 8=G7IGG=CBG CB H<9 9BH=F9 H<9G=G !H K5G 5 D@95GIF9 HC <5J9 <=A 5G 5 GID9FJ=GCF ! H<5B? F5N=9@@5 9FHC77<= .=B79BNC 9&=7C@V %5GG=AC %CHH5 5B8 +5@J58CF 'FH=;I9=F5 D5FH=7=D5BHG 5H ++,

(4)

(5) (((

(6)

(7) !&*

(8)

(9) 5B8 HKC 5BCBMACIG F9:9F99G :CF =ADCFH5BH 58J=79 5B8 =BG=;<HG =B5@@M AM 7C@@95;I9G 5B8 :F=9B8G 5H -! <5J9 699B 5B =B7F98=6@9 GCIF79 C: =BGD=F5H=CB HC =ADFCJ9 5B8 69HH9F IB89FGH5B8 AM KCF? ! 5A =B 896H K=H< 5@@ C: H<9A @@ 9FFCFG 5F9 9L7@IG=J9@M A=B9. Denti, Daria (2008), R and D in R&D: Endogenous Growth and Welfare European University Institute. DOI: 10.2870/143.

(10) '&,&,+. . . */-+"0!/'+*. &,/#-.. . *.!/ ' $!,*,-* & , '& * +! *+*. & , +$ , !& *'/!& '&'%1. . !BHFC8I7H=CB. . ,<9 7CBCAM. . . +9H ID. . . ,<9 AC89@. . 979BHF5@=N98 9EI=@=6F=IA 5B8 (. . . (. . . 979BHF5@=N98 EI=@=6F=IA. . . ,<9 +75@9 U97H. . . CAD5F5H=J9 +H5H=7G.

(11). +C7=5@ (@5BB9F 5B8 'DH=A5@ =G75@ (C@=7M. . . 'DH=A5@ =G75@ (C@=7M. . $95FB=B; 6M C=B;. . . 979BHF5@=N98 EI=@=6=FIA 5B8 (. . . +C7=5@ (@5BB9F 5B8 'DH=A5@ =G75@ (C@=7M. . . Denti, Daria (2008), R and D in R&D: Endogenous Growth and Welfare European University Institute. DOI: 10.2870/143.

(12) ""!. . CB7@IG=CB. . DD9B8=L 7CBCAM K=89 *9GCIF79 CBGHF5=BH. . DD9B8=L ,<9 (@5BB9F (FC6@9A. . DD9B8=L (FCC:G C: $9AA5G 5B8 (FCDCG=H=CBG. . . (FCC: C: (FCDCG=H=CB . .

(13) DD9B8=L +C7=5@ (@5BB9F =B $95FB=B; 6M C=B;. . %-$,! +, *+*. (*'+++ !& %-$,! !&-+,*1 '&'%1 . !BHFC8I7H=CB. . ,<9 7CBCAM. . . +9H ID.

(14). . ,<9 %C89@. . . 979BHF5@=N98 EI=@=6F=IA 5B8 ( K=H<CIH FCG=CB C: %CBCDC@M (CK9F . (. . . 979BHF5@=N98 EI=@=6F=IA. . . CAD5F5H=J9 +H5H=7G. . ,<9 +75@9 U97H. . 979BHF5@=N98 9EI=@=6F=IA 5B8 ( K=H< 9FCG=CB C: ACBCDC@M DCK9F. . . (. . . 979BHF5@=N98 EI=@=6F=IA. . +C7=5@ (@5BB9F 5B8 * (C@=7M. . . . 'DH=A5@ =G75@ (C@=7M HC *957< (5F9HC 'DH=A5@=HM. Denti, Daria (2008), R and D in R&D: Endogenous Growth and Welfare European University Institute. . DOI: 10.2870/143.

(15) ""!. . &C FCG=CB C: %CBCDC@M (CK9F. . . . FCG=CB C: %CBCDC@M (CK9F.

(16) . ,97<BC@C;=75@ !A=H5H=CB.

(17) . +9H ID.

(18) . . ( 5B8 ,97<BC@C;=75@ $9589FG<=D +K=H7<CK9FG.

(19) . CB7@IG=CB.

(20) DD9B8=L 7CBCAM K=89 *9GCIF79 CBGHF5=BH. DD9B8=L ,<9 +C7=5@ (@5BB9F (FC6@9A. $&!& , /'*$ '!& %, +. . !BHFC8I7H=CB. ,<9 7CBCAM. . +9H ID. . . ,<9 AC89@. . 979BHF5@=N98 9EI=@=6F=IA 5B8 (.

(21) . (.

(22). . 979BHF5@=N98 9EI=@=6F=IA.

(23). . CAD5F5H=J9 +H5H=7G. . BJ=FCBA9BH5@ (C@=7M. . 979BHF5@=N98 EI=@=6F=IA. . . +97CB8 9GH BJ=FCBA9BH5@ (C@=7M. . CB7@IG=CB. . Denti, Daria (2008), R and D in R&D: Endogenous Growth and Welfare European University Institute. DOI: 10.2870/143.

(24) ""!. . DD9B8=L (FCC: C: (FCDCG=H=CB . DD9B8=L (FCC: C: (FCDCG=H=CB . . Denti, Daria (2008), R and D in R&D: Endogenous Growth and Welfare European University Institute. DOI: 10.2870/143.

(25) -/ */-+"0!/'+*. . Denti, Daria (2008), R and D in R&D: Endogenous Growth and Welfare European University Institute. DOI: 10.2870/143.

(26) ! GH5FH98 H<=G H<9G=G K=H< H<9 C6>97H=J9 5B8 <CD9 C: IB89FGH5B8=B; 5B8 7CBHF=6IH=B; HC F9G95F7< =BHC H<9 FC@9 C: * =B 89H9FA=B=B; 97CBCA=7 ;FCKH< 6M 8=G9BH5B;@=B; * 7CADCB9BHG 5B8 :C7IG=B; CB H<9=F 8=U9F9BH 9U97HG CB H<9 97CBCAM. +H5FH=B; :FCA D5H< 6F95?=B; 7CBHF=6IH=CBG =B H<9

(27) G 2* *CA9F

(28) FCGGA5B 5B8 9@DA5B AI7< KCF? <5G 699B 8CB9 =B H<9 D5GH 897589G HC 9GH56@=G< H<5H * =G 5 ?9M 8F=J9F C: 97CBCA=7 ;FCKH< /=H<=B H<=G GHF5B8 C: @=H9F5HIF9 A5BM 5IH<CFG <5J9 5B5@MN98 H<9 @=B?5;9G 69HK99B * 65G98 H97<BC@C;=75@ DFC;F9GG 5B8 G9J9F5@ =GGI9G :FCA 9AD@CMA9BH HC =BH9FB5H=CB5@ 7CAD5F=GCBG :FCA 8=U9F9B79G 69HK99B * 7F95H=CB 5B8 =A=H5H=CB HC 8=U9F9BH D5HH9FBG C: * 58CDH=CB . ,C H<9 69GH C: AM ?BCK@98;9 =B 5@@ H<9G9 KCF?G * =G IGI5@@M HF95H98 5G 5 <CAC;9B9CIG 57H=J=HM 9J9B HCI;< H<9F9 5F9 GCA9 K9@@ 9GH56@=G<98 F9GI@HG G<CK=B; H<5H H<9 8=GH=B7H=CB 69HK99B * 7CADCB9BHG =G F9@9J5BH =B 97CBCA=7 H9FAG !B GCA9 KCF?G DF=J5H9 * =G 8=GH=B;I=G<98 :FCA DI6@=7 * DF=J5H9 * =G DFC8I7H=CB CF=9BH98 K<9F95G DI6@=7 * 57HG 5G 5 DI6@=7 ;CC8 DCG=H=J9@M 5U97H=B; DF=J5H9 * H<FCI;< GD=@@CJ9FG. CK9J9F 85H5 G<CK H<5H CH<9F 8=GH=B7H=CBG A5M 69 A95B=B;:I@ CH< =B -+ 5B8 -# =H =G 57?BCK@98;98 H<5H DF=J5H9 5;9BHG D9F:CFA AI@H= GH5;9 * DFC79GG9G K<9F9 6CH< 89J9@CD A9BH 5B8 65G=7 F9G95F7< 5F9 75FF=98 CB &+

(29)

(30) +(*- IFH<9FACF9 97CBCA=7 H<9CFM 5B8 9AD=F=75@ KCF?G <5J9 <=;<@=;<H98 A95B=B;:I@ 8=GH=B7H=CBG 69HK99B 65G=7 F9G95F7< 5B8 89J9@CDA9BH 5@CB; 5 J5F=9HM C: 8=A9BG=CBG 2* &9@GCB ;<=CB 5B8 CK=HH 5B8 =H <5G 699B DC=BH98 CIH H<5H :5=@=B; HC 8=GH=B;I=G< 69HK99B =BBCJ5H=J9 57H=J=H=9G A5M 69. G99 5B7=5 5B8 2=@=6CHH= :CF 5 F9J=9K 5B7=5 5B8 2=@=6CHH=

(31)

(32) -+ &5H=CB5@ +7=9B79 CIB85H=CB +7=9B79 (C@=7M *9G95F7< -B=HM -B=J9FG=HM C: +IGG9L . Denti, Daria (2008), R and D in R&D: Endogenous Growth and Welfare European University Institute. DOI: 10.2870/143.

(33) DCH9BH=5@@M A=G@958=B; S@1.=1.; 0;8@=1 @255 +. .71*7,.- +B * <>+<2-B =8 2778?*=287 6201= -.9.7-< ,;>,2*55B 87 @1.=1.; 9;8->,= 8; 9;8,.<< 2778?*=287< *;. <>+<2-2C.- 8; 87 @1.=1.; +*<2, 8; *9952.- ;.<.*;,1 2< .7,8>;*0.- +B =1. <>+<2-BS ;<=CB 5B8. CK=HH . ,<9G9 C6G9FJ5H=CBG GI;;9GH H<5H H<9F9 A5M 69 G7CD9 :CF =BJ9GH=;5H=B; H<9 7CBG9EI9B79G CB ;FCKH< 5B8 K9@:5F9 C: 8=GH=B;I=G<=B; 65G=7 F9G95F7< $ :FCA 89J9@CDA9BH !B H<=G H<9G=G ! 7CBG=89F H<9G9 D97I@=5F=H=9G 6M =BHFC8I7=B; 65G=7 F9G95F7< =B * 65G98 AC89@G C: 9B8C;9BCIG ;FCKH< 5@CB; K=H< 89J9@CDA9BH 57H=J=HM. ! GH5FH98 6M DF9G9BH=B; 5 89H5=@98 F9J=9K C: F9@9J5BH 9J=89B79 5B8 @=H9F5HIF9 :C7IG=B; CB H<9 A5=B 8=U9F9B79G 69HK99B * 57H=J=H=9G 5B8 CB H<9=F 9U97HG CB H<9 97CBCAM !B H<=G K5M ! DFCJ=89 H<9 657?;FCIB8 CB K<=7< AM :IFH<9F 5B5@MG=G K=@@ 69 65G98 5B8 ! 5A 56@9 HC G<CK H<5H EI9GH=CB=B; H<9 F9@9J5B79 C: 8=GH=B;I=G<=B; 69HK99B F9G95F7< 57H=J=H=9G A5M 69 C: GCA9 =BH9F9GH. =J9B H<9G9 DF9A=G9G ! <5J9 HF=98 HC 89J9@CD 5 G9H ID 56@9 HC 75DHIF9 H<9 F9@9J5BH :95HIF9G 8=GH=B;I=G<=B; 65G=7 F9G95F7< :FCA 89J9@CDA9BH 5B8 HC 9A698 H<9A =B 5B 9B8C;9BCIG ;FCKH< :F5A9KCF? K<9F9 =BBCJ5H=CB 8F=J9G ;FCKH< ,<9 ACGH =ADCFH5BH 9@9A9BHG H<5H <5J9 699B =BHFC8I798 5F9 AI@H= GH5;9 F9G95F7< DFC79GG9G 8=U9F9B79G =B 9LH9FB5@=HM 9U97HG D@5M98 6M 957< 7CADCB9BHG C: H<9 * AI@H= =B8IGHFM G9H ID K<9F9 =B8IGHF=9G 8=U9F =B H9FA C: * D9F:CFA98 /<=@9 H<9 :CFA9F :95HIF9G 7CBGH=HIH9 H<9 7CF9 C: H<9G=G 5B8 5F9 H<9F9:CF9 =BHFC8I798 :FCA H<9 69;=BB=B; H<9 @5HH9F 5DD95FG =B H<9 H<=F8 7<5DH9F K<9F9 ! K=@@ 89J9@CD 5 AI@H= =B8IGHFM G9H ID HC 577CIBH 5@GC :CF =BH9F =B8IGHFM GD=@@CJ9FG !BHFC8I7=B; H<9G9 :95HIF9G <5G @98 HC F95@@M =BH9F9GH=B; OB8=B;G =GH=B;I=G<=B; 5ACB; =BBCJ5H=J9 57H=J=H=9G =G =ADCFH5BH. Denti, Daria (2008), R and D in R&D: Endogenous Growth and Welfare European University Institute. DOI: 10.2870/143.

(34) 6CH< :CF ;FCKH< 5B8 :CF CDH=A5@ DC@=7M 89G=;B GI6G=8=N=B; * 5G 5 K<C@9 5G GI;;9GH98 6M 9L=GH=B; @=H9F5HIF9 CB <CF=NCBH5@ =BBCJ5H=CB =G BCH CDH=A5@ =B H9FAG C: K9@:5F9 @GC H<9 7CIBH9F :57HI5@ G75@9 9U97H 5U97H=B; H<9 A5>CF=HM CF <CF=NCBH5@ =BBCJ5H=CB AC89@G 8=G5DD95FG 9B8C;9BCIG@M. ,<9 97CBCAM 5B5@MN98 =B <5DH9F =G GI7< H<5H 5@@ OFAG D9F:CFA AI@H= GH5;9 * @9HH=B; H<9 :C7IG 69=B; H<9 7CBG9EI9B79G C: 577CIBH=B; :CF $ 5B8 K=H<CIH 5BM BC=G9 ;9B9F 5H98 6M 7FCGG =B8IGHFM 9U97HG ,<=G AC89@ CU9FG A5BM =BG=;<HG HC H<9 8965H9 56CIH H<9 FC@9 C: * CB ;FCKH<. H<9 G75@9 9U97HG 8=G5DD95FG 9B8C;9BCIG@M K=H<CIH G9A= 9B8C;9BCIG ;FCKH< DFC8I7H=J=HM C: 65G=7 F9G95F7< 9L9F7=G9G HKC CDDCG=H9 9U97HG CB ;FCKH< CJ9F5@@ H<9M 75B79@ CIH ,<9 G5A9 <5DD9BG K=H< DFC8I7H=J=HM C: 89J9@CDA9BH 5B 97CBCAM ;FCKG ACF9 =: 5DD@=98 89G=;BG 5F9 ;9B9F5H98 H<FCI;< 5 H97<BC@C;M F9@M=B; F9@5H=J9@M ACF9 CB 65G=7 F9G95F7< H<5B CB CH<9F * =BDIHG :FCA 5 DC@=7M A5?=B; D9FGD97H=J9 =H HIFBG CIH H<5H 2 :FCA 5 K9@:5F9 D9FGD97H=J9 H<9 CDH=A5@ 7<C=79 =G GIDDCFH=B; 65G=7 F9G95F7< CB@M 5B8 H<5H 22 :FCA 5 ;FCKH< D9FGD97H=J9 D5HFCB=N=B; * =B O9@8G K=H< 5 BCH HCC @CK DFC656=@=HM C: 7CAA9F7=5@ 9LD@C=H5H=CB =G 69B9O7=5@. =: K9 588 @95FB=B; 6M 8C=B; 6M G7=9BH=GHG 65G=7 F9G95F7< 9L9FHG 5 DCG=H=J9 9LH9FB5@=HM 9U97H 5@GC CB G7=9BH=GHG HF5BG:CFA=B; 65G=7 F9G95F7< =895G =BHC OB5@ 6@I9DF=BH K9 G99 H<5H H<9 A5=B OB8=B;G 5F9 9AD<5G=N98. Denti, Daria (2008), R and D in R&D: Endogenous Growth and Welfare European University Institute. DOI: 10.2870/143.

(35)

(36) CK9J9F H<9 :F5A9KCF? 89J9@CD98 =B <5DH9F B9;@97HG 5B =ADCFH5BH :57H 56CIH * DFC79GG9G =B H<9 97CBCAM 89D9B8=B; CB H<9 =B8IGHFM 7CBG=89F98 H<9 D5HH9FBG C: * DFC79GG9G 7<5B;9 8F5A5H=75@@M ,<9CFM 5B8 75G9 GHI8=9G GI;;9GH H<5H =B8IGHF=9G F9@M=B; CB 65G=7 F9G95F7< 5F9 7<5F57H9F=N98 6M @CB; H9FA DCG=H=J9 DFCOHG :FCA 6F95?H<FCI;< =BBCJ5 H=CBG K<9F95G =B8IGHF=9G DF9:9FF=B; DFC8I7H=CB CF=9BH98 G<CFH ;C5@ =BBCJ5H=CB 5F9 GI6>97H HC =A=H5H=CB 5B8 7CBG9EI9BH 9FCG=CB C: ACBCDC@M DFCOHG ,C 577CIBH :CF H<9G9 :95HIF9G 5 AI@H= =B8IGHFM G9H ID =G B979GG5FM K<9F9 =B8IGHF=9G 8=U9F =B H9FA C: * DFC79GG D9F:CFA98. ,<=G G9H ID 5@@CKG 5@GC :CF =BH9F =B8IGHFM GD=@@CJ9FG 5B8 75B 69 F9KF=HH9B HC 588F9GG =BH9F B5H=CB5@ F9@5H=CBG<=D 5B8 7FCGG 6CF89FG * 9LH9FB5@=H=9G =GGI9G '6J=CIG@M HKC =B8IGHF=9G 5B8 A5BM G97HCFG K<=@9 DFCJ=8=B; 5 ;CC8 @9J9@ C: OHB9GG HC H<9 85H5 89H9FA=B9 5 <95JM 5B5@MH=75@ HF95HA9BH &CB9H<9@9GG =BH9F9GH=B; CIH7CA9G 5F=G9. * GD=@@CJ9FG 5U97H H<9 97CBCAM =B 5 8=U9F9BH K5M BCH CB@M 6975IG9 K9 5@@CK :CF =BH9F G97HCF GD=@@CJ9FG 6IH 5@GC 6975IG9 7FCGG =B8IGHFM F9@5H=CBG<=DG 7<5BB9@ =BHF5 G97HCF 9LH9FB5@=H=9G HCC * GD=@@CJ9FG HF5>97HCF=9G 75IG9 8=U9F9B79G =B H<9 9U97HG C: GCA9 H97<BC@C;=75@ :95 HIF9G CB ;FCKH< GI7< 5G DFC8I7H=J=HM C: * 57H=J=H=9G 5B8 DFC656=@=HM C: 7CAA9F7=5@ 9LD@C=H5H=CB C: 89G=;BG 9FCG=CB C: D5MCUG 9L9FHG 5 B9;5H=J9 9U97H CB H<9 97CBCAM H<9F9 =G GH=@@ 56G9B79 C: H<9 G75@9 9U97H * DC@=7M 89G=;B G<CKG =ADCFH5BH 8=U9F9B79G 7CAD5F98 HC H<9 G=B;@9 =B8IGHFM G9H. Denti, Daria (2008), R and D in R&D: Endogenous Growth and Welfare European University Institute. DOI: 10.2870/143.

(37) ID. H<9 =BHFC8I7H=CB CB 5B =BH9FB5H=CB5@ G9HH=B; K=H< H97<BC@C;=75@ 8=UIG=CB 5B8 =A=H5H=CB G<CKG H97<BC@C;=75@ @9589FG KCBQH @CG9 H<9=F @9589FG<=D 9J9B K<9B :C@@CK9FG GHCD 7CDM=B; H<5B?G HC 65G=7 F9G95F7< 9U97HG CB OB5@ ;CC8 DFC8I7H=J=HM. =B5@@M 69G=89G =ADCFH5BH 7CBHF=6IH=CBG =B @=H9F5HIF9 CB * 57?BCK@98;=B; H<9 DCG=H=J9 5B8 D9FJ5G=J9 9U97H C: 65G=7 F9G95F7< H<FCI;<CIH H<9 K<C@9 97CBCAM H<9F9 =G 5B =B7F95G=B; GHC7? C: 5B978CH5@ 9J=89B79 5B8 75G9 GHI8=9G G<CK=B; 5B8 8=G7IGG=B; H<9 577=89BH5@ HF5>97 HCF=9G C: :IB85A9BH5@ ?BCK@98;9 ;9B9F5H98 =B H<9 =B8IGHFM HCK5F8G 9BJ=FCBA9BH5@ GIDDCFH. !B8998 H<9F9 =G 9BCI;< 9J=89B79 HC 7@5=A H<5H DF=J5H9 * A5M 5U97H DC@@IH=CB 9J9B 577= 89BH5@@M H<FCI;< 65G=7 F9G95F7< 5B8 HC G9H 5 :F5A9KCF? 56@9 HC 5B5@MN9 H<9 7CBG9EI9B79G C: H<=G F9@5H=CBG<=D CB ;FCKH< ,<=G 9L9F7=G9 DFCJ9G HC 69 IG9:I@ IB89F A5BM D9FGD97H=J9G !H <9@DG G<CK=B; H<5H H<9 =BHFC8I7H=CB C: AI@H= GH5;9 * DFC79GG =BG=89 5 ;FCK=B; 97CBCAM 5@@CKG HC 577CAD@=G< A5BM H5G?G. =H A=;<H 69 IG98 HC 588F9GG J5F=CIG =GGI9G =H DFCJ=89G 5 BCJ9@ D9FGD97H=J9 HC H<9 8965H9 CB H<9 F9@5H=CBG<=D 69HK99B 9BJ=FCBA9BH5@ 75F9 5B8 97CBCA=7 ;FCKH< 6M 6F=8;=B; H<9 HF58=H=CB5@ J=G=CB K<=7< 895@G 9L7@IG=J9@M K=H< * 57H=J=HM 9LD@=7=H@M 5=A98 5H DC@@IH=CB 565H9A9BH 57?BCK@98;=B; 5@GC =B8=F97H 5B8 IB=BH9B898 9U97HG =H ;=J9G GCIB8 =BG=;<HG CB H<9 K5M DC@=7M G<CI@8 69 89G=;B98 57H=CBG HC GIDDCFH 9B J=FCBA9BH5@ DF9G9FJ5H=CB A=;<H 69 9A698898 =BG=89 57H=CBG HC GIDDCFH DFC8I7H=CB. Denti, Daria (2008), R and D in R&D: Endogenous Growth and Welfare European University Institute. DOI: 10.2870/143.

(38) K<=7< =G 5 :IFH<9F GH9D =B :5JCF C: GIGH5=B56@9 ;FCKH<. !H =G KCFH< BCH=7=B; H<5H =B H<9 97CBCAM 5B5@MN98 =B <5DH9F 9BJ=FCBA9BH5@ DC@=7M =G 9B:CF798 H<FCI;< GIDDCFH HC * 89JCH98 HC DFC8I7H=CB 5B8 BCH HC * 89JCH98 HC DC@@IH=CB 565H9A9BH. !B H<9 B9LH G97H=CB ! DF9G9BH 5 6F=9: GIAA5FM C: 957< <5DH9F 57< C: H<9A =G G9@: 7CBH5=B98 K<=7< 7CA9G 5H H<9 7CGH C: D5FH=5@ F98IB85B7M ;=J9B H<9 <=;<@M CJ9F@5DD=B; B5HIF9 C: GCA9 D5FHG. Denti, Daria (2008), R and D in R&D: Endogenous Growth and Welfare European University Institute. DOI: 10.2870/143.

(39) . 6GHF57HG C: ,<9G=G <5DH9FG ./-!/ +$ &,/#-

(40) #1'#2 +$ '/#-/0-# *" / +* ,<=G <5DH9F DFCJ=89G 5 F9J=9K C: F9@9J5BH KCF?G CB * 5B8 =HG 7CADCB9BHG CH< 9AD=F=75@ 5B8 H<9CF9H=75@ 7CBHF=6IH=CBG 5F9 DF9G9BH98 7CBCA=7 H<9CFM 5B8 9AD=F=75@ KCF?G <=;<@=;<H A95B=B;:I@ 8=GH=B7H=CBG 69HK99B 65G=7 F9G95F7< 5B8 89J9@CDA9BH 5@CB; 5 J5F=9HM C: 8=A9BG=CBG 5H5 G<CK H<5H DF=J5H9 5;9BHG D9F:CFA AI@H= GH5;9 * DFC79GG9G K<9F9 6CH< 89J9@CDA9BH 5B8 65G=7 F9G95F7< 5F9 75FF=98 CB $=H9F5HIF9 5B8 9J=89B79 8=G7@CG9 H<9 A5=B D5H H9FBG C: AI@H= GH5;9 * DFC79GG9G B978CH5@ 9J=89B79 CIH@=B9G H<5H DF=J5H9@M D9F:CFA98 65G=7 F9G95F7< ;9B9F5H9G H97<BC@C;=75@ FC58A5DG 56@9 HC =BPI9B79 <95J=@M =BBCJ5H=CB D5H H9FBG H<FCI;<CIH A5BM =B8IGHF=9G ,<9G9 C6G9FJ5H=CBG GI;;9GH H<5H H<9F9 A5M 69 G7CD9 :CF =BJ9GH=;5H=B; H<9 7CBG9EI9B79G CB ;FCKH< 5B8 K9@:5F9 C: 8=GH=B;I=G<=B; 65G=7 F9G95F7< :FCA 89J9@CDA9BH =BG=89 DF=J5H9 * 57H=J=HM. .B@8;-< 65G=7 F9G95F7< 89J9@CDA9BH * DC@=7M. ./-!/ +$ &,/#-

(41) .'! #.#-!& *" /&# !(# 5#!/ '* -+2'*% !+*+)3 %I@H= GH5;9 F9G95F7< DFC79GG9G 5F9 =BHFC8I798 =B 5B <CF=NCBH5@ =BBCJ5H=CB 97CBCAM K<9F9 * =G D9F:CFA98 6M DF=J5H9 5;9BHG CB@M 5G=7 F9G95F7< $ =G H<9 OFGH GH5;9 5B8 =HG CIHDIH =G IG98 HC 89J9@CD 5B 5DD@=98 89G=;B IB85A9BH5@ =895G <5J9 H<9 <=;<9GH @9J9@ C: ;9B9F5@=HM 5B8 ;9B9F5H9 =BHF5 =B8IGHFM GD=@@CJ9FG 9J9@CDA9BH GD=@@CJ9FG 69B9OH 89J9@CD A9BH CB@M ,<9 7CIBH9F:57HI5@ G75@9 9U97H HMD=75@ C: A5BM GH5B85F8 <CF=NCBH5@ =BBCJ5H=CB AC89@G 8=G5DD95FG 9B8C;9BCIG@M (FC8I7H=J=HM C: 5BM F9G95F7< GH9D 8C9G BCH 5U97H ;FCKH<. Denti, Daria (2008), R and D in R&D: Endogenous Growth and Welfare European University Institute. DOI: 10.2870/143.

(42) ,97<BC@C;M =B H<9 * DFC79GG =BPI9B79G ;FCKH< H<9 ACF9 =H F9@=9G CB 65G=7 F9G95F7< H<9 ACF9 H<9 97CBCAM ;FCKG * DC@=7M HC 5HH5=B GC7=5@ CDH=AIA 7CBG=GHG C: 65G=7 F9G95F7< GI6G=8=9G CB@M G<CK=B; H<5H =: OFAG DIFGI9 AI@H= GH5;9 * K<=7< 57H=J=HM <5G HC 69 GI6 G=8=N98 697CA9G 7FI7=5@ 88=B; @95FB=B; 6M 8C=B; 6M G7=9BH=GHG KCF?=B; K=H< 65G=7 F9G95F7< 8C9G BCH 5@H9F H<9 A5=B OB8=B;G. .B@8;-< 9B8C;9BCIG ;FCKH< 9LD5B8=B; J5F=9HM * 65G=7 F9G95F7< 5*<<2D,*=287 ' '. ./-!/ +$ &,/#-

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enti, Daria (2008), R and D in R&D: Endogenous Growth and Welfare European University Institute. DOI: 10.2870/143.

(44) 89D9B8=B; CB * H97<BC@C;M 7<5F57H9F=GH=7G !B ;9B9F5@ =: * 8C9G BCH F9@M <95J=@M CB 65G=7 F9G95F7< H<9B H<9F9 =G 5 H<F9G<C@8 J5@I9 :CF H<9 DFC656=@=HM C: 7CAA97=5@=N5H=CB =: =H =G @CK <=;< H<9B =H G<CI@8 69 =B7F95G98 F98I798 HC 69B9OH ;FCKH< !: * F9@=9G <95J=@M CB 65G=7 F9G95F7< H<9B 5B =B7F95G9 =B 7CAA9F7=5@ 9LD@C=H5H=CB <5FAG ;FCKH< ,<9 8979BHF5@=N98 9EI=@=6F=IA =G BCH (5F9HC CDH=A5@ 'DH=A5@ OG75@ HCC@G 7CB79FB=B; * 5F9 GIDDCFH :CF 65G=7 F9G95F7< =BH9BG=J9 =B8IGHFM 5B8 65G=7 F9G95F7< =B D5FH=7I@5F ,5L5H=CB C: * =B H<9 =B8IGHFM B9;@97H=B; 65G=7 F9G95F7< +97F97M 9UCFHG 9B:CF798 6M OFAG 89H9FA=B9 H5L5H=CB G<CK=B; H<5H =H =G ;CC8 :CF H<9 97CBCAM HC GDF958 :IB85A9BH5@ ?BCK@98;9 9J9B K<9B D9F:CFA98 6M DF=J5H9 OFAG ,<9 G9H ID =G IG9:I@ HC 588F9GG H<9 =GGI9 C: =A=H5H=CB 5B8 =BH9FB5H=CB5@ H97<BC@C;=75@ @9589FG<=D ,<9 A5=B OB8=B; G<CKG H<5H =: H97<BC@C;=75@ @9589FG 5F9 GI7< 6975IG9 H<9M D9F:CFA 65G=7 F9G95F7< H<9B 65G=7 F9G95F7< ;F5BHG HC @9589FG H<5H H<9M B9J9F HIFB HC :C@@CK9FG. .B@8;-< 9B8C;9BCIG ;FCKH< 9LD5B8=B; J5F=9HM * 65G=7 F9G95F7<. 5*<<2D,*=287

(45) ' '. ./-!/ +$ &,/#-

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enti, Daria (2008), R and D in R&D: Endogenous Growth and Welfare European University Institute. DOI: 10.2870/143.

(47) =HG ;9B9F5@=HM 5B8 D9FJ5G=J9B9GG IB=EI9 ;FCKH< F5H9 =G 89H9FA=B98 K<9F9 957< F9G95F7< 57H=J=HM <5G D97I@=5F 9U97HG 89J9@CDA9BH 9L9FHG 6CH< B9;5H=J9 5B8 DCG=H=J9 =BPI9B79G 9 79BHF5@=N98 9EI=@=6F=IA =G BCH (5F9HC 9T7=9BH =G75@ DC@=7M GIDDCFH=B; 65G=7 F9G95F7< 6M H5L=B; DC@@IH9FG =G G97CB8 69GH CDH=A5@ 5G @CB; 5G * D9F:CFAG @=HH@9 65G=7 F9G95F7< ,<=G OB8=B; G<CKG H<5H 9BJ=FCBA9BH5@ 75F9 B998G BCH B979GG5F=@M HC <5FA ;FCKH< 5B8 H<5H =H 75B 69 DIFGI98 5@GC 6M <9@D=B; 57H=J=H=9G H<5H 7CBHF=6IH9 =B8=F97H@M HC 565H9 DC@@IH=CB. .B@8;-< 65G=7 F9G95F7< GD=@@CJ9FG 9B8C;9BCIG ;FCKH< DC@@IH=CB G97CB8 69GH 9BJ=FCB A9BH5@ DC@=7M 5*<<2D,*=287. '

(48) ). Denti, Daria (2008), R and D in R&D: Endogenous Growth and Welfare European University Institute. DOI: 10.2870/143.

(49) -/ &,/#-.. Denti, Daria (2008), R and D in R&D: Endogenous Growth and Welfare European University Institute. DOI: 10.2870/143.

(50) (,* *.!/ ' $!,*,-* & , '& *. S"7. 6*38; +*;;2.; =8 .7=;B 27=8 7.@ 6*;4.=< 2< =1. ;.:>2;.6.7= =8 <.. =1. />=>;. @2=1 ,5*;2=B = 1*< +..7 <*2- =1*= =8 /8;.=.55 =1. />=>;. 87. 1*< =8 27?.7= 2= '8 +. *+5. =8 27?.7= =1. />=>;. 2< =1. -2?2-.7- =1*= +*<2, ;.<.*;,1 9*B< S /CB;. -B=J9FG=HM C: +7=9B79 5B8 ,97<BC@C;M. CB; #CB;. ,<9F9 =G BCK 5 @5F;9 5B8 =BPI9BH=5@ @=H9F5HIF9 57?BCK@98;=B; H<9 =ADCFH5B79 C: * 5G 5B 9B;=B9 :CF ;FCKH< 2* *CA9F

(51) 5B7=5 5B8 2=@=6CHH=

(52)

(53) 5FFC 5B8 +5@5 ! %5FH=B

(54)

(55) ,<=G @=H9F5HIF9 8C9G BCH 588F9GG EI9GH=CBG F9@5H98 HC H<9 9U97HG C: H<9 8=U9F9BH 7CADCB9BHG C: 5B * DFC79GG CB ;FCKH< 9J9B HCI;< H<9F9 5F9 GCA9 K9@@ 9GH56@=G<98 F9GI@HG G<CK=B; H<5H H<9 8=GH=B7H=CB 69HK99B * 7CADCB9BHG =G F9@9J5BH =B 97CBCA=7 H9FAG. 5H5 G<CK H<5H DF=J5H9 5;9BHG D9F:CFA AI@H= GH5;9 * DFC79GG9G K<9F9 6CH< 89J9@CD A9BH 5B8 65G=7 F9G95F7< 5F9 75FF=98 CB &+

(56)

(57) $=H9F5HIF9 CB * A5B5;9A9BH <5G K=89@M 5GG9GG98 H<5H * D9F:CFA98 6M OFAG =B 79FH5=B G97HCFG =G 5 AI@H= GH5;9 57H=J=HM 2*. C8B9F 5B8 *CIG9

(58)

(59) K<=7< <5G 5@GC 699B AC89@@98 5H H<9 A=7FC @9J9@ IFH<9FACF9 97CBCA=7 H<9CFM 5B8 9AD=F=75@ KCF?G <5J9 <=;<@=;<H98 A95B=B;:I@ 8=GH=B7H=CBG 69HK99B 65G=7 F9G95F7< 5B8 89J9@CDA9BH 5@CB; 5 J5F=9HM C: 8=A9BG=CBG 2* &9@GCB IB?

(60)

(61) B. &5H=CB5@ +7=9B79 CIB85H=CB. Denti, Daria (2008), R and D in R&D: Endogenous Growth and Welfare European University Institute. DOI: 10.2870/143.

(62) =B7F95G=B; 5ACIBH C: @=H9F5HIF9 CB =BBCJ5H=CB H97<BC@C;M 5B8 * A5B5;9A9BH 57?BCK@ 98;9G H<9 <I;9 =AD57H C: 65G=7 F9G95F7< 5@GC DF=J5H9@M D9F:CFA98 =B G<5D=B; H<9 D5HH9FBG C: =BBCJ5H=CB 5B8 =HG F9HIFBG I9FGK5@8 5B8 F5BG7CA6

(63)

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

(65)

(66) =G9BA5B .= *5

(67)

(68) . ,<9 :C7IG CB 65G=7 F9G95F7< 5B8 89J9@CDA9BH A5M 5DD95F HC B9;@97H H<9 9L=GH9B79 C: 5BCH<9F GH9D 5DD@=98 F9G95F7< 6IH =B :57H H<=G =G BCH H<9 75G9 5G 5DD@=98 F9G95F7< =G 9A698898 K=H< 7<5F57H9F=GH=7G C: 6CH< 65G=7 F9G95F7< 5B8 89J9@CDA9BH K=H<CIH 5BM GHFCB; D97I@=5F=HM. ,<9 =895 C: 8=GH=B;I=G<=B; 65G=7 F9G95F7< :FCA H<9 CH<9F F9G95F7< 57H=J=H=9G K<9B GHI8M=B; 9B8C;9BCIG ;FCKH< 6I=@8G CB H<9 HKC 6FC58 5F;IA9BHG A9BH=CB98 56CJ9. 9F9 K9 9LD@CF9. H<9G9 5F;IA9BHG CB K<=7< CIF H<9CF9H=75@ 5GGIADH=CBG K=@@ 69 65G98. Denti, Daria (2008), R and D in R&D: Endogenous Growth and Welfare European University Institute. DOI: 10.2870/143.

(69) =FGH 65G=7 F9G95F7< 5DD95FG HC D@5M 5 F9@9J5BH FC@9 6CH< =B -+ 85H5 5B8 CJ9FBA9BHQG 5;9B85 ,C H<=G F9GD97H K9 @=GH G9J9F5@ F9@9J5BH :57HG. * 57H=J=HM =B H<9 -+ =G 75FF=98 CB A5=B@M 5H =B8IGHFM @9J9@ 5B8 =H =G D9F:CFA98 6M DF=J5H9 5;9BHG &+

(70)

(71) . (F=J5H9 5;9BHG D9F:CFA 65G=7 F9G95F7< &+

(72)

(73) . +CA9 =B8IGHF=9G D9F:CFA ACF9 65G=7 F9G95F7< H<5B CH<9FG I9FGK5@8 .= *5

(74)

(75) =G9B A5B .= *5

(76)

(77) . =;IF9 <=;<@=;<H H<9 D5HH9FBG C: OFAG =BJ9GHA9BHG =B 65G=7 F9G95F7< 5B8 89J9@CD A9BH =B -B=H98 +H5H9G 69HK99B 5B8

(78)

(79) . =;IF9 . -+ 5G=7 *9G95F7< =B !B8IGHFM. =;IF9 -+ 9J9@CDA9BH =B !B8IGHFM. . +CIF79 &5H=CB5@ +7=9B79 CIB85H=CB &+ !*=287*5 #*==.;7< 8/ %.<.*;,1 *7- .?.5896.7= %.<8>;,.<

(80) 5H5 5F9 =B A=@@=CBG C: 7CBGH5BH 8C@@5FG. Denti, Daria (2008), R and D in R&D: Endogenous Growth and Welfare European University Institute. DOI: 10.2870/143.

(81) . =;IF9 -+ !B8IGHFM (9F:CFA98 *. +H5FH=B; =B H<9

(82) G 5B8

(83) G =B8IGHF=5@ =BBCJ5H=CB =B H<9 -+ K5G =89BH=O98 K=H< GCA9 7CFDCF5H9 9BH=H=9G K<=7< K9F9 DIFGI=B; :5F G=;<H98 F9G95F7< *97FI=HA9BH C: F9G95F7<9FG K5G 5=A98 5H 5HHF57H=B; H<9 ACGH 56@9 D9CD@9 K<C K9F9 DFCJ=898 K=H< 5 ;F95H 895@ C: @5H=HI89 =B D9F:CFA=B; * ,<9 ACGH :5ACIG 7CAD5B=9G 58CDH=B; H<=G GHF5H9;M K9F9 9B9F5@ @97HF=7 !% 9@@ 09FCL 5B8 H<9=F G7=9BH=O7 57<=9J9A9BHG <5J9 699B F97C;B=N98 6M G9J9F5@ &C69@ DF=N9G I9FGK5@8 .= *5

(84)

(85) &CK585MG 7CAD5B=9GQ GIDDCFH HC H<9 S6@I9 G?MS F9G95F7< <5G 7<5B;98 5G H<9 A5>CF=HM C: OFAG H9B8G HC DF9:9F =BJ9GH=B; =B G<CFH H9FA *. CK9J9F. =H =G =ADCFH5BH HC BCH=79 H<5H H<9F9 5F9 =ADCFH5BH 9L79DH=CBG =B GCA9 =B8IGHF=9G GI7< 5G 9@97HFCB=7G 5B8 7<9A=GHFM OFAG =BJ9GH G=;B=O75BH 5ACIBH C: ACB9M =B :IB85A9BH5@ F9G95F7< 5G H<9M F97?CB H<=G HC 69 H<9 ACGH GI=H56@9 GHF5H9;M HC @CB; H9FA GIFJ=J5@ I9FGK5@8 .= *5

(86)

(87) 5 ?9M 9L5AD@9 =G ;=J9B 6M H<9 CC;@9 * GHF5H9;M 9B7CIF5;=B; 9B;=B99FG 5B8 G7=9BH=GHG KCF?=B; =B H<9 7CAD5BM HC GD9B8 5 :F57H=CB C: H<9=F KCF?=B; G7<98I@9 CB K<5H9J9F F9G95F7< DFC>97H GHF=?9G H<9=F :5B7M +CA9 C: CC;@9QG B9K9F G9FJ=79G 5B8 DFC8I7HG <5J9 . ,<=G GHF5H9;M =G 75@@98 SCC;@9

(88) D9F79BHS. Denti, Daria (2008), R and D in R&D: Endogenous Growth and Welfare European University Institute. DOI: 10.2870/143.

(89) CF=;=B5H98 :FCA H<9G9 =B89D9B89BH 9B895JCIF %5M9F

(90)

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

(92)

(93) K<=7< 9A698G HKC AI@H= GH5;9 * AC89@G H<9 @=B95F D5F58=;A 5B8 H<9 8MB5A=7 D5F5 8=;A +HC?9G CH< D9FGD97H=J9G <5J9 699B 89G=;B98 HC 577CIBH :CF AI@H= GH5;9 * DFC79GG9G H<9 8=U9F9B79 69=B; H<5H H<9 :CFA9F 8C9G BCH 5@@CK :998657? :FCA 89J9@CDA9BH HC 65G=7 F9G95F7< K<9F95G H<9 @5HH9F 8C9G +IAA5F=N=B; HCI;< IB?=B8@M H<9 J5F=CIG 7CBHF=6I H=CBG =B H<=G O9@8 K9 75B 57EI=F9 5 GHM@=N98 DFC79GG :CF AI@H= GH5;9 * K<=7< K9 89D=7H =B =;IF9 . . CF 5 89H5=@98 8=G7IGG=CB 5B8 9J5@I5H=CB C: AI@H= GH5;9 * DFC79GG9G 5B8 H<9 89F=J5H=CB C: 5 8=5;F5A @=?9 H<9 CB9 DF9G9BH98 =B =;IF9 G99 C8B9F .= *5

(94)

(95) 5B8 +HC?9G ,<9 BIA69F C: GH5;9G K=H<=B 5B * J5F=9G =B =;IF9 K9 F9DF9G9BH 5 :CIF GH5;9 * DFC79GG H<9 GH5;9G 69=B; 65G=7 F9G95F7< 95F@M GH5;9 H97<BC@C;M 89J9@CDA9BH 5DD@=98 F9G95F7< 89J9@CDA9BH I9FGK5@8 5B8 F5BG7CA6

(96)

(97) . Denti, Daria (2008), R and D in R&D: Endogenous Growth and Welfare European University Institute. DOI: 10.2870/143.

(98) $. $ Stage 1. $ Stage 2. $ Stage 3. technical failure. Stage 4. Value realized. =;IF9 %I@H= +H5;9 * (FC79GG +H5;9 7CFF9GDCB8G HC 65G=7 F9G95F7< 5B8 H<9 :C@@CK=B; GH9DG @958 HC 89J9@CDA9BH C: H<9 OB5@ 89G=;B 57< GH5;9 F9EI=F9G =BJ9GHA9BH 6M OFAG 5B8 =H 9BH5=@G GCA9 89;F99 C: H97<B=75@ :5=@IF9 ,<9 OB5@ 89G=;B =G C6H5=B98 ;C=B; H<FCI;<CIH H<9 K<C@9 @=B9 H<9F9:CF9 89J9@CDA9BH =G H<9 B979GG5FM OB5@ GH5;9 5:H9F F9G95F7< C8B9F .= *5

(99)

(100) !G =H BCH9KCFH<M H<5H H<=G GHFI7HIF9 =G BCH >IGH GD97I@5H=J9 5G =H <5G 699B H9GH98 HC A5H7< OFA 57HI5@ CF;5B=N5H=CB C: AI@H= GH5;9 * DFC79GG9G 5B8 =H =G IG98 HC G=AI@5H9 DCFH:C@=C 7<C=79 CB * =BJ9GHA9BHG. !: K9 588 GD=@@CJ9FG HC H<9 D=7HIF9 H<9B H<9 5B5@MG=G 697CA9G ACF9 7CAD@=75H98 G K9 <5J9 G5=8 56CJ9 H<9F9 5F9 HKC K5MG H<FCI;< K<=7< GD=@@CJ9FG :FCA * 7CADCB9BHG A5M =BPI9B79 H<9 AI@H= GH5;9 * DFC79GG ,<9 @=B95F D5F58=;A 9BH5=@G 5 IB=EI9 8=F97H=CB :CF H<9 PCK C: ?BCK@98;9 :FCA 65G=7 F9G95F7< HC 89J9@CDA9BH K=H< BC :998657? +C CB@M F9G95F7< 9LH9FB5@=H=9G A5M 5U97H H<9 DFC79GG 6M =BPI9B7=B; 89J9@CDA9BH ,<9 8MB5A=7 D5F58=;A 6FC589BG H<9 DCGG=6@9 HF5>97HCF=9G :CF ?BCK@98;9 GC H<5H 5@GC :998657?G :FCA 89J9@CDA9BH HC 65G=7 F9G95F7< 5F9 5@@CK98 +HC?9G 5G9 GHI8=9G <=GHCF=75@ 5B8 5B978CH5@ 9J=89B79. Denti, Daria (2008), R and D in R&D: Endogenous Growth and Welfare European University Institute. DOI: 10.2870/143.

(101) G<CK H<5H 6CH< K5MG CD9F5H9 +HC?9G !B H<=G H<9G=G K9 K=@@ H57?@9 6CH< D5F58=;AG K9 K=@@ :C7IG CB H<9 @=B95F CB9 =B H<9 :C@@CK=B; HKC 7<5DH9FG 5B8 K9 K=@@ GK=H7< HC H<9 8MB5A=7 D5F58=;A =B H<9 @5GH 7<5DH9F. /=H<=B 9B8C;9BCIG ;FCKH< @=H9F5HIF9 CB <CF=NCBH5@ =BBCJ5H=CB H<9F9 5F9 GCA9 5HH9ADHG HC 895@ K=H< 8=U9F9BH * 57H=J=H=9G D9F:CFA98 6M OFAG 'B9 C: H<9 ?9M 7CBHF=6IH=CBG 8=G9BH5B;@9G HKC * 57H=J=H=9G 7CFDCF5H9 * 5B8 9BHF9DF9B9IF=5@ * (9F9HHC

(102)

(103) 5 6 69=B; H<9 :CFA9F D9F:CFA98 5@CB; K=H< DFC8I7H=CB 5B8 H<9 @5HH9F D9F:CFA98 HC 89J9@CD 5 B9K 89G=;B @H<CI;< H<9 @5HH9F =G B979GG5FM HC <5J9 H<9 :CFA9F =H =G >IGH 5B 9BHFM 7CB8=H=CB ?BCK@98;9 ;9B9F5H98 6M 9BHF9DF9B9IF=5@ * =G BCH IG98 5G =BDIH =B 7CFDCF5H9 * +C H<9 D5HH9FBG <=;<@=;<H98 =B =;IF9 5F9 CB@M D5FH=5@@M :I@O@@98. 7CBCA=7 @=H9F5HIF9 <5G 588F9GG98 EI9GH=CBG 56CIH H<9 97CBCA=7 9U97HG C: 65G=7 F9G95F7< GH5FH=B; :FCA &9@GCBQG G9A=B5@ 7CBHF=6IH=CB S,<9 +=AD@9 7CBCA=7G C: 5G=7 +7=9BH=O7 *9 G95F7<S &9@GCB 5B8 :IFH<9F 8=G7IGG=CBG 5B8 5B5@MG=G 6M CH<9F 5IH<CFG 2* $=B? .= *5 (5J=HH

(104)

(105) I8F9HG7< .= *5

(106)

(107) ,<9G9 7CBHF=6IH=CBG <5J9 =89BH=O98 G9J9F5@ 8=GH=B;I=G<=B; :95HIF9G K<=7< K9 6F=9PM DF9G9BH. 5G=7 F9G95F7< =G H<9 * 57H=J=HM K<CG9 CIHDIH =G H<9 ACGH @=?9@M HC :5=@ HC 69 8= F97H@M 97CBCA=75@@M 9LD@C=H56@9 HC DFC8I79 B9K =BH9FA98=5H9 ;CC8G R5=18>01 ;2<4 2< *<<8,2*=.- @2=1 *55 /8;6< 8/ % >7,.;=*27=B 2< *7 271.;.7= ,1*;*,=.;2<=2, 8/ +*<2, ;.<.*;,1 !8= <>;9;2<270 =1*= =1. 8>=,86. *7- =1. -2;.,=287 8/ +*<2, ;.<.*;,1 2< 8/ =.7 >79;.-2,=*+5.S $=B? 9H 5@ R 8?270 /;86 =1. *9952.- ;.<.*;,1 .7- 8/ =1. <9.,=;>6 =8 =1. +*<2, ;.<.*;,1 .7- =1. -.0;.. 8/ >7,.;=*27=B *+8>= ;.<>5=< 8/ <9.,2D,. Denti, Daria (2008), R and D in R&D: Endogenous Growth and Welfare European University Institute. DOI: 10.2870/143.

(108) ;.<.*;,1 9;83.,=< 27,;.*<.< *7- =1. 08*5< +.,86. 5.<< ,5.*;5B -.D7.- *7- 5.<< ,58<.5B 5274.- =8 =1. <85>=287 8/ * <9.,2D, 8+3.,=S &9@GCB . ,<9 G5A9 9@9A9BHG =AD@M=B; H<5H BCH 5@@ H<9 89G=;BG 89J9@CD98 6M 65G=7 F9G95F7< 9UCFHG 5F9 97CBCA=75@@M 9LD@C=H56@9 K<=@9 H<9 89G=;BG F9GI@H=B; :FCA 89J9@CDA9BH 9UCFHG 5F9 ACF9 @=?9@M HC 69 GC 5@GC 9BH5=@ H<5H 65G=7 F9G95F7< =G ACF9 @=?9@M HC ;9B9F5H9 6F95? H<FCI;< =BBCJ5H=CBG H<5B 89J9@CDA9BH 57H=J=HM &9@GCB ,<9=G 5B8. CFB

(109)

(110) . 9J9@CDA9BH F9:9FG HC H9GH=B; CF =ADFCJ=B; 9L=GH=B; ;CC8G DFC79GG9G CF DFCHCHMD9G 5G 5 F9G95F7< 57H=J=HM =H =G 5=A98 HCK5F8G =ADFCJ9A9BH C: GCA9H<=B; ?BCKB F5H<9F H<5B 8=G7CJ9FM C: H<9 IB?BCKB 5G=7 F9G95F7< CB H<9 7CBHF5FM 8C9G BCH <5J9 5BM DF97=G9 ;CC8G DFC79GG CF DFCHCHMD9 HC KCF? CB !HG 5=A =G A5=B@M H<9 9LD@CF5H=CB C: H<9 IB ?BCKB '6J=CIG@M B9K 6F95?H<FCI;< =BBCJ5H=CBG 5F9 ACF9 @=?9@M HC 7CA9 CIH :FCA B9K IB89FGH5B8=B; C: GCA9H<=B; H<5H K5G DF9J=CIG@M IB?BCKB H<5B :FCA =ADFCJ9A9BH 5B8 9B<5B79A9BH C: K<5H =G 5@F958M ?BCKB !: K9 @CC? 5H H<9 @=H9F5HIF9 CB * K9 G99 AI7< 9AD<5G=G 89JCH98 HC H<9 FC@9 C: 65G=7 F9G95F7< =B ;9B9F5H=B; 6F95?H<FCI;< =BBCJ5H=CBG I8F9HG7< 9H 5@

(111)

(112) ,<9=G 5B8. CFB

(113)

(114) . J9B K<9B 5 65G=7 F9G95F7< 89G=;B =G 97CBCA=75@@M 9LD@C=H56@9 =H IGI5@@M B998G :IF H<9F 9UCFHG HC 69 GI=H56@9 :CF H<9 DFC8I7H=CB C: 5B =BH9FA98=5H9 ;CC8 &9@GCB I9FGK5@8 .= *5

(115)

(116) . . ,<9F9 5F9 A5BM 9L5AD@9G C: DF=J5H9 OFAG 897@5F=B; HC =BJ9GH =B 65G=7 F9G95F7< :CF GHF5H9;=7 F95GCBG %=7FCGC:H CFD <5G A589 BCH56@9 F9G95F7< =BJ9GHA9BH =B F979BH M95FG =B7@I8=B; <=F=B; GCA9 9L79@@9BH A5H<9A5H=75@ D<MG=7=GHG !BH9@ CFD =G =BJ9GH=B; =B 5 G9F=9G C: F9G95F7< @56G @C75H98 =B 7@CG9 DFCL=A=HM HC GCA9 HCD IB=J9FG=H=9G !% =G =BJ9GH=B; =B B9K A5H9F=5@G B9K 5F7<=H97HIF9G 5B8 5@;CF=H<AG 9@@ $56G 9UCFHG =B :IB85A9BH5@ F9G95F7< CB BCB@=B95F CDH=7G CDH=75@ DFCD9FH=9G C: F5F9 95FH< =CBG 5B8 GC@=HCB 8MB5A=7G <5J9 DFC8I798 6F95?H<FCI;< =BBCJ5H=CBG ;F5BH=B; @CB; H9FA DCG=H=J9 D5MCU :CF H<9 7CAD5BM. Denti, Daria (2008), R and D in R&D: Endogenous Growth and Welfare European University Institute. DOI: 10.2870/143.

(117) $=H9F5HIF9 CB =B8IGHF=5@ 97CBCA=7G <5G 5GG9FH98 H<5H 65G=7 F9G95F7< ;9B9F5H9G DCG=H=J9 5B8 G=;B=O75BH GD=@@CJ9FG 5U97H=B; H<9 97CBCAM 57FCGG G97HCFG K<9F95G GD=@@CJ9FG 5G GC7=5H98 HC 89J9@CDA9BH 57H=J=HM 5F9 ;9B9F5@@M K95? 5B8 8C BCH GDIF 57FCGG 8=U9F9BH G97HCFG 2* $=7<H9A69F; 5B8 +=9;9@ #9GH9@CCH 5B8 .9I;9@9FG IB?

(118)

(119) . 'B9 @5GH 7CAA9BH F9:9FG HC * DC@=7M !H =G K=89@M 8C7IA9BH98 H<5H 65G=7 F9G95F7< <5G 699B D@5M=B; 5 ?9M FC@9 =B -+ DC@=H=75@ 5;9B85 G=B79 H<9

(120) G ,C H<=G F9GD97H 65G=7 F9G95F7< =G 7CBG=89F98 :IB85A9BH5@ HC ;9H A5>CF 57<=9J9A9BHG =B A5BM 8=U9F9BH O9@8G H<9F9:CF9 ?99D=B; -+ @958=B; DCG=H=CB 5G 9LDCFH9F C: ;CC8G 5B8 G9FJ=79G (+,

(121)

(122) '+(,

(123)

(124) 6 '%

(125)

(126) 5B8 =H =G 57?BCK@98;98 HC 69 6CH< B979GG5FM 5B8 GIT7=9BH :CF H97<B=75@ DFC;F9GG +HC?9G (5J=HH

(127)

(128) ,<=G DC@=H=75@ J=G=CB <5G 57HI5@@M 89H9FA=B98 H<9 7CBH=BICIG PCK C: DI6@=7 :IB8=B; :CF 65G=7 F9G95F7< 6CH< 5H 57589A=7 5B8 OFA @9J9@ H<5H K9 G99 =B -+ 85H5 ,C H<=G F9GD97H K9 @=GH G9J9F5@ :57HG -+ CJ9FBA9BH DFCACH9G DI6@=7 :IB8=B; :CF * 5H =B8IGHFM @9J9@ C: * D9F:CF A5B79 (+,

(129)

(130) (+,

(131)

(132) '+,(

(133)

(134) 5. 5H5 CB :989F5@ GIDDCFH HC * =B -+ G<CKG H<5H 8=U9F9BH OG75@ =B79BH=J9G 5F9 IG98 89D9B8=B; CB * 7CADCG=H=CB !B D5FH=7I@5F :989F5@ GIDDCFH =G A5=B@M 8=F97H98 HC K5F8G 65G=7 F9G95F7< 57H=J=HM 5B8 95F@M GH5;9 H97<BC@C;=75@ 89J9@CDA9BH ,(

(135)

(136) . (5HH9FB C: DI6@=7 GIDDCFH HC =B8IGHF=5@@M D9F:CFA98 65G=7 F9G95F7< =G 89D=7H98 =B =;IF9. . (F9G=89BHQG CIB7=@ C: 8J=GCFG CB +7=9B79 5B8 ,97<BC@C;M 'T79 C: %5B5;9A9BH 5B8 I8;9H. 'T79 C: +7=9B79 5B8 ,97<BC@C;M (C@=7M -+ &!+, 8J5B798 ,97<BC@C;M (FC;F5A. . Denti, Daria (2008), R and D in R&D: Endogenous Growth and Welfare European University Institute. DOI: 10.2870/143.

(137)

(138). =;IF9 (5HH9FBG C: (I6@=7 +IDDCFH HC !B8IGHFM (9F:CFA98 5G=7 *9G95F7< =B -+ 989F5@ GIDDCFH HC DF=J5H9 * =G 8=F97H98 A5=B@M HC 79FH5=B =B8IGHFM G97HCFG K<=7< D9F:CFA @CB; H9FA 65G=7 F9G95F7< &+

(139)

(140) . &CK585MG H<9F9 =G 5B =BH9FB5H=CB5@ 8965H9 CB H<9 58CDH=CB C: G=A=@5F DC@=7=9G =B CH<9F 7CIBHF=9G ,FIBA6I@@

(141)

(142) . !B GH5B85F8 * 65G98 9B8C;9BCIG ;FCKH< :F5A9KCF? OG75@ DC@=7M B99898 HC F957< H<9 OFGH 69GH 5@@C75H=CB =G B9IHF5@ K=H< F9GD97H HC * 7CADCG=H=CB 5G * =G HF95H98 5G <CAC;9B9CIG =B H9FAG C: =HG 7CADCG=H=CB 5FFC 5B8 +5@5 ! %5FH=B

(143)

(144) ,<9F9:CF9 BC OG75@ =BGHFIA9BH 89JCH98 GD97=O75@@M HC DF=J5H9@M D9F:CFA98 65G=7 F9G95F7< 5F=G9G. CK9J9F. H<9 9J=89B79 CB :989F5@ GIDDCFH HC * =B -+ G<CKG H<5H 8=U9F9BH OG75@ =B79BH=J9G 5F9 IG98 89D9B8=B; CB * 7CADCG=H=CB !B D5FH=7I@5F :989F5@ GIDDCFH =G A5=B@M 8=F97H98 HCK5F8G 65G=7 F9G95F7< 57H=J=HM 5B8 :989F5@ DFC;F5AG <5J9 699B 9GH56@=G<98 HC GIDDCFH OFAG =B H57?@=B; :IB85A9BH5@ F9G95F7< ,<9F9:CF9 7CBGHFI7H=B; 5 G9H ID K<9F9 65G=7 F9G95F7< =G. Denti, Daria (2008), R and D in R&D: Endogenous Growth and Welfare European University Institute. DOI: 10.2870/143.

(145) 8=G9BH5B;@98 :FCA 89J9@CDA9BH 5B8 5B5@MN=B; CDH=A5@ OG75@ DC@=7M 9B56@9 HC 7<97? K<9H<9F H<9 C6G9FJ98 8=U9F9B79G =B OG75@ =B79BH=J9G 5F9 ;CC8 =B H9FAG C: K9@:5F9 CF =: =H =G 69HH9F HC GIDDCFH * 5G 5 K<C@9 5G 89H9FA=B98 =B GH5B85F8 <CF=NCBH5@ =BBCJ5H=CB AC89@G. ,<=G H<9G=G 8F5KG CB H<=G 657?;FCIB8 6M 9LD@=7=H@M AC89@=B; H<9 8=GH=B7H=CB 69HK99B 65G=7 F9G95F7< 5B8 89J9@CDA9BH =B G9J9F5@ :F5A9KCF?G 5B 97CBCAM K=H< 5 IB=EI9 * G97HCF 5B 97CBCAM K=H< HKC * G97HCFG 8=U9F=B; =B H<9 F9@5H=J9 =BH9BG=HM =B 65G=7 F9G95F7< 5B8 5 OB5@ G9H ID K<9F9 * 8F=J9G ;FCKH< 5B8 K=H<=B * 65G=7 F9G95F7< 5@GC <9@DG F98I7=B; DC@@IH=CB ,<9 OFGH HKC 58CDH H<9 @=B95F D5F58=;A H<9F9:CF9 H<9F9 =G BC :998657? 9U97H :FCA 5DD@=98 ?BCK@98;9 HC :IB85A9BH5@ F9G95F7<. CK9J9F 5G @=H9F5HIF9 CB *. =89BH=O9G 5BCH<9F D5F58=;A K<9F9 :998657? 5F9 5@@CK98 5B8 5G 6CH< <5J9 699B DFCJ9B HC <C@8 H<9 @5GH G9H ID :C7IG CB H<9 8MB5A=7 D5F58=;A K=H< :998657? @@ :F5A9KCF?G 89J9@CD 5 AI@H=GH5;9 * DFC79GG :C@@CK=B; K<5H <5G 699B 89G=;B98 5B8 5DD@=98 =B * A5B5;9A9BH @=H9F5HIF9 577CF8=B; HC =;IF9 56CJ9. /=H< F9GD97H HC H<9 @=B?5;9 69HK99B * 5B8 DC@@IH=CB K9 KCI@8 @=?9 HC F9A5F? H<5H K9 H5?9 5 BCJ9@ 5DDFC57< <=B;=B; CB 5B =B7F95G=B; 6I@? C: @=H9F5HIF9 CB =BBCJ5H=CB A5B5;9A9BH 5B8 * DC@=7M (

(146)

(147)

(148) =B :57H H<9F9 =G 5B =B7F95G=B; 5K5F9B9GG 56CIH H<9 DCH9BH=5@ H97<BC@C;=75@ 7CBJ9F;9B7=9G C: GCA9 =BBCJ5H=CBG 89J9@CD98 6M OFAG 5B8 9BJ=FCBA9BH DF9G9F J5H=CB ,C DFCJ=89 CB9 9L5AD@9 B5BCH97<BC@C;M 5@@CKG 7F95H=CB C: B9K A5H9F=5@G DFC8I7HG 5B8 DFC79GG9G K<=7< <5J9 5 DCG=H=J9 G=89 9U97H =B DC@@IH=CB 565H9A9BH. CK9J9F H<9G9 =BBC. J5H=CBG ACGH@M 7F95H98 6M OFAG <5J9 BCH 699B ;9B9F5H98 K=H< H<9 DF97=G9 5=A C: 69B9OHH=B;

(149). -+ BJ=FCBA9BH5@ (FCH97H=CB ;9B7M. Denti, Daria (2008), R and D in R&D: Endogenous Growth and Welfare European University Institute. DOI: 10.2870/143.

(150) H<9 9BJ=FCBA9BH 5G H<9 ;C5@ 8F=J=B; H<9 * 9UCFHG =G DFCOHG 5B8 =B7F95G98 7CAD9H=H=J9 B9GG 'H<9F =ADCFH5BH G97HCFG K<9F9 * <5G ;9B9F5H98 :IB85A9BH5@ HF5>97HCF=9G HCK5F8G 9BJ=FCBA9BH5@ DFCH97H=CB H<CI;< 577=89BH5@@M 5F9 A5BI:57HIF=B; 5B8 7<9A=75@ =B8IGHFM. !H <5G 699B 9GH=A5H98 H<5H H<9 9BJ=FCBA9BH5@ HF5>97HCF=9G C: B5BCH97< 7<9A=75@ 5B8 A5BI:57HIF=B; * @958 HC 5 DCH9BH=5@ 9B9F;M G5J=B;G :CF -+ 7@CG9 HC C: HCH5@ -+ 9B 9F;M 7CBGIADH=CB D9F M95F 5G CIH@=B98 =B ,56@9 (

(151)

(152) @=;<H9F A5H9F=5@G :CF J9<=7@9G A5H9F=5@G 5B8 ;9CA9HF=9G H<5H 7CBHF=6IH9 ACF9 9U97H=J9@M HC H9AD9F5HIF9 7CBHFC@ H97<BC@C ;=9G 7<5B;=B; A5BI:57HIF=B; DFC79GG9G A5H9F=5@G H<5H 7CBHF=6IH9 HC B9K ;9B9F5H=CBG C: :I9@ 79@@G 5B8 5 DCH9BH=5@ <M8FC;9B 97CBCAM (

(153)

(154) &C CB9 C: H<9G9 H97<BC@C;=9G <5J9 699B 89J9@CD98 :CF 9BJ=FCBA9BH5@ 75F9 5B8 H<9M F9@M <95J=@M CB 65G=7 F9G95F7<. Denti, Daria (2008), R and D in R&D: Endogenous Growth and Welfare European University Institute. DOI: 10.2870/143.

(155) *+/#!&*+(+%3 ,,('!/'+*. ./')/#" #-!#*/ #"0!/'+* '* +/( **0( *#-%3 +*.0),/'+*. +HFCB; @=;<HK9=;<H A5H9F=5@G =B HF5BGDCFH5H=CB. . +C@=8 GH5H9 @=;<H=B;. . +9@: CDH=A=N=B; ACHCF GMGH9A. . +A5FH FCC:G. . &CJ9@ 9B9F;M 9T7=9BH G9D5F5H=CB A9A6F5B9G.

(156) . B9F;M 9T7=9BH 8=GH=@@5H=CB H<FCI;< GID9F7CADIH=B;.

(157) . %C@97I@5F @9J9@ 7CBHFC@ C: =B8IGHF=5@ 75H5@MG=G.

(158) . ,F5BGA=GG=CB @=B9 7CB8I7H5B79.

(159) . +/(. . ,56@9 (CH9BH=5@ -+ B9F;M +5J=B;G :FCA =;<H &5BCH97<BC@C;M DD@=75H=CB. /9 <5J9 HF=98 HC 89J9@CD 5 :F5A9KCF? GI=H56@9 HC 75DHIF9 H<9 A5=B 8=U9F9B79G 69HK99B F9G95F7< 5B8 89J9@CDA9BH 9A6988=B; H<9A =B 5B 97CBCAM K<9F9 * 8F=J9G ;FCKH< /9 <5J9 7<CG9B HC F9@M CB 5 K9@@ 9GH56@=G<98 <CF=NCBH5@ =BBCJ5H=CB G9H ID K<=7< K9 AC8=:M HC 5@@CK :CF H<9 8=GH=B7H=CB 69HK99B 65G=7 F9G95F7< 5B8 89J9@CDA9BH 5@CB; H<9 @=B9G K9 <5J9 DF9G9BH98 56CJ9 ,<9F9:CF9 K9 GH5FH :FCA H<9 G9A=B5@ KCF?G 8CB9 =B <CF=NCBH5@ =BBCJ5H=CB *CA9F

(160) *=J9F5 5H=N 5B8 *CA9F =BG=89 K<=7< K9 =BG9FH AI@H= GH5;9 * 5B8 =HG 7CBG9EI9B79G ,<9B K9 HFM HC 9A698 5@GC H<9 @95FB=B; 6M 8C=B; :95HIF9 @=B?=B; 65G=7 F9G95F7< IG5;9 HC 5 7CBGH5BH 5B8 =B8=F97H =ADFCJ9A9BH C: G7=9BH=GHG K=H<=B * ,<9B HC. Denti, Daria (2008), R and D in R&D: Endogenous Growth and Welfare European University Institute. DOI: 10.2870/143.

(161) 588F9GG AI@H= =B8IGHFM =GGI9G K9 HIFB HC H<9 F979BH 89J9@CDA9BH CB AI@H= G97HCF 97CBCA=9G 65G98 CB <CF=NCBH5@ =BBCJ5H=CB 5B7=5 5B8 2=@=6CHH=

(162)

(163) 5B8 K9 5@GC 9LD@CF9 H<9 =GGI9 C: =A=H5H=CB 5B8 =BH9FB5H=CB5@ * GD=@@CJ9FG =B5@@M 57?BCK@98;=B; 6CH< H<9 =B7F95G=B; =BH9F9GH 5ACB; ;FCKH< H<9CF=GHG C: 9A6988=B; 9BJ=FCBA9BH5@ 7CBG=89F5H=CBG K=H<=B ;FCKH< H<9CFM 5B8 H<9 F979BH 6I@? C: 9J=89B79 56CIH H<9 =ADCFH5BH G=89 9U97HG C: 65G=7 F9G95F7< 5@GC DF=J5H9@M D9F:CFA98 CB DC@@IH=CB F98I7H=CB K9 H57?@9 H<=G =GGI9 A9F;=B; <CF=NCBH5@ =BBCJ5H=CB @=H9F5HIF9 GIGH5=B56@9 ;FCKH< 7CBHF=6IH=CBG 5B8 AI@H= GH5;9 *. Denti, Daria (2008), R and D in R&D: Endogenous Growth and Welfare European University Institute. DOI: 10.2870/143.

(164) !$!'*( 1 3 4 ;<=CB ( 5B8 (. J9FG=HM (F9GG. CK=HH 7-80.78>< ;8@=1 '1.8;B 5A6F=8;9 %!, -B=. 34 I9FGK5@8 ( F5BG7CA6 $ .= *5

(165)

(166) S-B89FGH5B8=B; (F=J5H9 +97HCF 97=G=CB A5? =B; :CF 5F@M +H5;9 ,97<BC@C;M 9J9@CDA9BHS &!+, 8J5B798 ,97<BC@C;M (FC;F5A DI6@=75H=CB G9F=9G &!+, *

(167) . 34 I8F9HG7< .= *5

(168)

(169) S,<9 7CBCA=7G C: +7=9B79 5B8 ,97<BC@C;M S 8>;7*5 8/ '.,178580B ';*7</.; .C@ DD

(170) . 34 5FFC * 5B8 0 +5@5 ! %5FH=B

(171)

(172) ,87862, ;8@=1 5A6F=8;9 %!, -B=J9FG=HM (F9GG. 34 9B5GGM " ( S!G ,<9F9 @K5MG ,CC $=HH@9 *9G95F7< =B B8C;9BCIG FCKH< %C89@G K=H< LD5B8=B; (FC8I7H .5F=9HMS >;89.*7 ,87862, %.?2.@ &C DD . 34 C8B9F 5B8 / *CIG9

(173)

(174) S+=AI@5H=CB 5G98 B5@MG=G C: * BH9FDF=G9G. S !B #;8,..-270< 8/ =1. 7-><=;2*5 7027..;270 %.<.*;,1 87/.;.7,. H@5BH5 9CF ;=5. 34 C8B9F .= *5

(175)

(176) S-G=B; +=AI@5H=CB HC B5@MN9 * .5@I9 F95H=CBS !B #;8,..-270< 8/ =1. )27=.; &26>5*=287 87/.;.7,. 98G #I<@ % .= *5 . Denti, Daria (2008), R and D in R&D: Endogenous Growth and Welfare European University Institute. DOI: 10.2870/143.

(177) '. . 34 (F9G=89BHQG CIB7=@ C: 8J=GCFG CB +7=9B79 5B8 ,97<BC@C;M

(178)

(179) SGG9GG=B; H<9 -+ * !BJ9GHA9BHS KKK CGHD ;CJ 34 (F9G=89BHQG CIB7=@ C: 8J=GCFG CB +7=9B79 5B8 ,97<BC@C;M

(180)

(181) S!AD@9A9BH5H=CB C: H<9 &+, (F9G=89BH=5@ *9J=9K =F97H=J9 *9B9K=B; H<9 989F5@ CJ9FBA9BH -B=J9FG=HM *9G95F7< (5FHB9FG<=D :CF H<9 GH 9BHIFMS KKK CGHD ;CJ 3

(182) 4 BJ=FCBA9BH5@ (FCH97H=CB ;9B7M C: H<9 -B=H98 +H5H9G

(183)

(184) &5BCH97<BC@C;M /<=H9 (5D9F KKK 9D5 ;CJ 3 4 =G9A5B #C=NIA= # 5B8 CGGIA

(185)

(186) S989F5@ !BJ9GHA9BH =B *S *& DI6@=75H=CB %*

(187) '+,( KKK F5B8 CF; 3 4 IB? %

(188)

(189) S5G=7 *9G95F7< 5B8 !BH9FB5H=CB5@ +D=@@CJ9FG S 7=.;7*=287*5 %.?2.@ 8/ 9952.- ,87862,< .C@ &C DD 3 4 5B7=5 5B8 2=@=6CHH=

(190)

(191) S CF=NCBH5@ !BBCJ5H=CB =B H<9 ,<9CFM C: FCKH< 5B8 9J9@CDA9BHS !B DF9D5F5H=CB :CF H<9 5B86CC? C: 7CBCA=7 FCKH< 98G ( ;<=CB 5B8 + IF@5I:. 3 4 FCGGA5B % ,<9 %!, (F9GG. 9@DA5B S778?*=287 *7- ;8@=1 27 =1. 58+*5 ,8786BS. 3 4 FCH<

(192)

(193) $97HIF9G =B 7CBCA=7 FCKH< -B=J9FG=HM C: CD9B<5;9B A=A9C. 3 4 #9GH9@CCH # 5B8 * .9I;9@9FG S+H56@9 * CCD9F5H=CB K=H< +D=@@CJ9FG S 8>; 7*5 8/ ,87862,< *7- *7*0.6.7= &=;*=.0B .C@ &C DD 3 4 #K5B 1 # 5B8 $5= $

(194)

(195) S!BH9@@97HI5@ (FCD9FHM *=;<HG (FCH97H=CB 5B8 B 8C;9BCIG 7CBCA=7 FCKH<S 8>;7*5 8/ ,87862, B7*62,< *7- 87=;85 DD 3 4 $=B? & 5B8 $CB; " S,<9 +=AD@9 7CBCA=7G C: 5G=7 +7=9BH=O7 *9G95F7< 5. Denti, Daria (2008), R and D in R&D: Endogenous Growth and Welfare European University Institute. DOI: 10.2870/143.

(196) ' ,9GH C: &9@GCBQG =J9FG=O75H=CB

(197) &C DD

(198)

(199) . MDCH<9G=G S '1. 8>;7*5 8/ 7-><=;2*5 ,87862,< .C@. 3 4 $@9K9@@MB +A=H< . S/<5H =G H<9 -G9 C: 5G=7 +7=9B79S *& /CF?=B; (5D9F

(200) . 3

(201) 4 %5FH=B .= *5 S,<9 *9@5H=CBG<=D 69HK99B (I6@=7@M :IB898 5G=7 *9G95F7< 5B8 7CBCA=7 (9F:CFA5B79 +(*!- *9J=9K S-B=J9FG=HM C: +IGG9L +7=9B79 (C@=7M *9G95F7< -B=H % ,F95GIFM *9DCFH. 3 4 %5M9F %

(202)

(203) S+D997<9G CB %+ BHF9DF9B9IF=5@ ,<CI;<HGS ,$ +9A=B5F +9F=9G +H5B:CF8 -B=J9FG=HM. 34 &9@GCB * * S,<9 +=AD@9 7CBCA=7G C: 5G=7 +7=9BH=O7 *9G95F7< S '1. 8>;7*5 8/ #852=2,*5 ,8786B .C@ &C DD

(204) . 34 &+ =F97HCF5H9 :CF +C7=5@ 9<5J=CF5@ 5B8 7CBCA=7 +9F=9G

(205)

(206) S-+ * (FC >97H98 HC 5J9 FCKB %5F;=B5@@M =B

(207)

(208) S KKK BG: ;CJ. 34 'T79 C: +7=9B79 5B8 ,97<BC@C;M (C@=7M L97IH=J9 'T79 C: H<9 (F9G=89BH

(209)

(210) 5 S,<9 (<MG=75@ +7=9B79G *9G95F7< 5B8 9J9@CDA9BH IB8=B; =B H<9 (F9G=89BHQG

(211)

(212) I8;9HS. KKK CGHD ;CJ. 34 'T79 C: +7=9B79 5B8 ,97<BC@C;M (C@=7M L97IH=J9 'T79 C: H<9 (F9G=89BH

(213)

(214) 6. S(FCACH=B; !BBCJ5H=CBS KKK CGHD ;CJ. 34 (5J=HH #

(215)

(216) S(I6@=7 (C@=7=9G HC +IDDCFH 5G=7 *9G95F7< K<5H 5B H<9 *9GH C: H<9 /CF@8 $95FB :FCA -+ ,<9CFM 5B8 (F57H=79 5B8 /<5H ,<9M +<CI@8 &CH $95FBS 7-><=;2*5 *7- 8;98;*=. 1*70. .C@

(217) &C DD . 34 'T79 C: %5B5;9A9BH 5B8 I8;9H L97IH=J9 'T79 C: H<9 (F9G=89BH

(218)

(219) SI8;9H C: H<9 -B=H98 +H5H9G CJ9FBA9BH =G75@ 195F

(220)

(221) S KKK K<=H9<CIG9 ;CJ. Denti, Daria (2008), R and D in R&D: Endogenous Growth and Welfare European University Institute. DOI: 10.2870/143.

(222) '. . 34 *=J9F5 5H=N $ 5B8 ( *CA9F S7CBCA=7 !BH9;F5H=CB 5B8 B8C;9BCIG FCKH<S '1. $>*;=.;5B 8>;7*5 8/ ,87862,<

(223) . 34 *CA9F (

(224) SB8C;9BCIG ,97<BC@C;=75@ <5B;9S 8>;7*5 8/ #852=2,*5 ,8786B. + +

(225) . 3

(226) 4 +7=9B79 (C@=7M *9G95F7< -B=HM S,<9 *9@5H=CBG<=D 9HK99B (I6@=7@M IB898 5 G=7 *9G95F7< 5B8 7CBCA=7 (9F:CFA5B79 S +(*- *9J=9K -B=J9FG=HM C: +IGG9L. 3 4 +HC?9G #*<=.>;E< $>*-;*7=< *<2, &,2.7,. *7- '.,1785802,*5 778?*=287 FCC?=B;G !BGH=HIH=CB (F9GG . 34 ,=FC@9 " '1. '1.8;B 8/ 7-><=;2*5 ";0*72C*=287 5A6F=8;9 %!, -B=J9FG=HM (F9GG. 34 ,<9=G , & 5B8 CFB ( %

(227)

(228) S5G=7 *9G95F7< =B H<9 !B:CFA5H=CB ,97<BC@C;M !B 8IGHFMS #1B<2,< '8-*B .C@ !GGI9 DD . 34 ,FIA6I@@

(229)

(230) &252,87 *7- =1. &=*=. FCC?=B;G !BGH=HIH=CB (F9GG

(231)

(232) . 34 /CB; SB 7CBCA=7 5G9 :CF 5G=7 *9G95F7< S &5HIF9 .C@ DD . Denti, Daria (2008), R and D in R&D: Endogenous Growth and Welfare European University Institute. DOI: 10.2870/143.

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

(234)

(235) . AD=F=75@ 5B8 5B978CH5@ 9J=89B79 GIDDCFH H<=G 5B5@MG=G. /9 <5J9 HC F9A9A69F H<5H 65G=7 F9G95F7< =G 7<5F57H9F=N98 6M G9J9F5@ :95HIF9G K<=7< A5M 7F95H9 A5F?9H 8=GHCFH=CBG &9@GCB $=B? .= *5 (5J=HH

(236)

(237) 5B8 H<5H K9 <5J9 HC 577CIBH :CF H<9 :C@@CK=B; 9@9A9BHG 2 65G=7 F9G95F7< =G H<9 * 57H=J=HM K<CG9 CIHDIH . Denti, Daria (2008), R and D in R&D: Endogenous Growth and Welfare European University Institute. DOI: 10.2870/143.

(238) " #".

(239). =G H<9 ACGH @=?9@M HC :5=@ HC 69 8=F97H@M 97CBCA=75@@M 9LD@C=H56@9 HC DFC8I79 B9K =BH9FA98=5H9 ;CC8G 22 H<9 G5A9 9@9A9BHG =AD@M=B; H<5H BCH 5@@ H<9 89G=;BG 89J9@CD98 6M 65G=7 F9G95F7< 9UCFHG 5F9 97CBCA=75@@M 9LD@C=H56@9 K<=@9 H<9 89G=;BG F9GI@H=B; :FCA 89J9@CDA9BH 9UCFHG 5F9 ACF9 @=?9@M HC 69 GC 5@GC 9BH5=@ H<5H 65G=7 F9G95F7< =G ACF9 @=?9@M HC ;9B9F5H9 6F95?H<FCI;< =BBCJ5H=CBG H<5B 89J9@CDA9BH 57H=J=HM &9@GCB ,<9=G 5B8. CFB

(240)

(241) 222 9J9B K<9B. 5 65G=7 F9G95F7< 89G=;B 7CBH5=BG H<9 7<5F57H9F=GH=7G C: 69=B; 97CBCA=75@@M 9LD@C=H56@9 =H IGI5@@M B998G :IFH<9F 9UCFHG =B H9FAG C: F9G95F7< 57H=J=H=9G HC 89@=J9F 5 7CAA9F7=5@@M IG9:I@ 89G=;B &9@GCB +HC?9G 2? 5ACB; 5@@ * 57H=J=H=9G 65G=7 F9G95F7< ;9B9F5H9G H<9 <=;<9GH @9J9@ C: GD=@@CJ9FG 2* $=7<H9A69F; 5B8 +=9;9@ IB?

(242)

(243) . (C=BH 222 GIAA5F=N9G H<9 9GG9B79 C: AI@H= GH5;9 * DFC79GG DC=BHG 2 5B8 22 5F9 =ADCFH5BH =B G<5D=B; D5MCUG :FCA =BBCJ5H=CB K<9F95G DC=BH 2? =BHFC8I79G 8=U9F9B79G =B GD=@@CJ9F 5GGC7=5H98 HC 957< * 7CADCB9BHG 5 DC=BH H<5H =G 7CADI@GCFM B9;@97H98 6M GH5B 85F8 <CF=NCBH5@ =BBCJ5H=CB AC89@G 8I9 HC H<9 <CAC;9B9=HM C: * 6IH H<5H A5HH9FG =B 9AD=F=75@ H9FAG. C=B; ACF9 =BHC 89H5=@G =B CIF :F5A9KCF? BCH 5@@ * =BJ9GHA9BHG K=@@ 89@=J9F DCG=H=J9 D5MCUG HC =BBCJ5HCFG HC 75DHIF9 H<9 @=?9@=<CC8 C: 97CBCA=75@@M IG9@9GG =895G =B<9F9BH HC 65G=7 F9G95F7< 57H=J=HM 6IH D5MCUG 5F9 @CB; @5GH=B; 5G H<9M 577CAD5BM 6F95?H<FCI;< =BBCJ5H=CB. ,<9B 65G=7 F9G95F7< ;9B9F5H9G =BH9F G97HCF GD=@@CJ9FG 5U97H=B; DFC8I7H=J=HM =B OB5@ ;CC8 DFC8I7H=CB K<9F95G GD=@@CJ9FG :FCA 89J9@CDA9BH 5F9 >IGH =BHF5 G97HCF. /=H< F9GD97H HC AI@H= GH5;9 * D5HH9FBG =B H<=G 7<5DH9F K9 K=@@ GH=7? HC H<9 S@=B95F D5F58=;AS 65G=7 F9G95F7< CIHDIH =G IG98 5G =BH9FA98=5H9 =BDIH =B 89J9@CDA9BH 57H=J=HM 5B8. Denti, Daria (2008), R and D in R&D: Endogenous Growth and Welfare European University Institute. DOI: 10.2870/143.

(244) " #". . H<9F9 5F9 BC :998657? :FCA 89J9@CDA9BH HC 65G=7 F9G95F7<. ,<9 OFGH A5>CF F9GI@H C: H<=G :F5A9KCF? =G H<9 56G9B79 C: H<9 GC 75@@98 SG75@9 9U97HS =: H<9 @56CIF 9B8CKA9BH C: H<9 97CBCAM 7<5B;9G H<9 ;FCKH< F5H9 C: H<9 97CBCAM =G IB5U97H98. +H5B85F8 <CF=NCBH5@ =BBCJ5H=CB AC89@G 5F9 ;9B9F5@@M =BPI9B798 6M H<9 G75@9 9U97H 5 :95HIF9 K<=7< <5G 699B K=89@M 7F=H=7=N98 5G =H @57?G 9AD=F=75@ GIDDCFH 5FFC 5B8 +5@5 ! %5FH=B

(245)

(246) "CB9G !B H<=G AC89@ H<9 G75@9 9U97H 8=G5DD95FG 9B8C;9BCIG@M 5@@CK=B; HC 7CB7@I89 H<5H H<9 =BHFC8I7H=CB C: AI@H= GH5;9 F9G95F7< DFC79GG9G K=H< =BHF5 5B8 =BH9F G97HCF GD=@@CJ9FG 7CBHF=6IH9G HC 69HH9F DF98=7H=CBG. ,<9 7CBG9EI9B79G C: 8=GH=B;I=G<=B; 65G=7 F9G95F7< :FCA 89J9@CDA9BH =BPI9B79 5@GC H<9 ;FCKH< F5H9 =FGH DFC8I7H=J=HM C: 957< F9G95F7< GH9D 8C9G BCH =BPI9B79 ;FCKH<. BCH<9F OB8=B; F9:9FG HC * H97<BC@C;M =: H<9 H97<BC@C;M C: H<9 OB5@ * GH5;9 F9@=9G <95J=@M CB 65G=7 F9G95F7< H<9B H<9 97CBCAM ;FCKG ACF9 5G H<9 DFC8I7H=CB C: 9J9FM B9K J5F=9HM =G 5GGC7=5H98 K=H< 5 6=;;9F G=N9 :CF H<9 DCG=H=J9 GD=@@CJ9F 9U97H :FCA 65G=7 F9G95F7<. ,<9 @5GH F9@9J5BH OB8=B; F9:9F HC =B8IGHF=5@ DC@=7M :CF * =FGH CIF AC89@ DF98=7HG H<5H H<9 CJ9FBA9BH G<CI@8 7CAA=H HC D5HFCB=N9 F9G95F7< O9@8G K=H< 5 @9J9@ C: 97CBCA=7 9LD@C=H56=@=HM K<=7< =G BCH 9LHF9A9@M @CK +97CB8 DF=J5H9 5;9BHG 89H9FA=B9 5B 9EI=@=6F=IA K<=7< =G BCH (5F9HC CDH=A5@ 5G 5 7CBG9EI9B79 C: 8=U9F9BH 8=GHCFH=CBG =BPI9B7=B; H<9 97CBCAM. !B H9FAG C: * DC@=7M H<9 CJ9FBA9BH 7CI@8 =B8I79 H<9 DF=J5H9 G97HCF HC 5HH5=B H<9 GC7=5@ CDH=AIA 6M 9B;=B99F=B; 5 H5L GI6G=8M DC@=7M K<9F9 65G=7 F9G95F7< CB@M F979=J9G GIDDCFH 9J9B HCI;< 5@@ * 57H=J=H=9G 9L9FH 9LH9FB5@=HM 9U97HG H<FCI;<CIH H<9 97CBCAM +C 577CF8=B; HC CIF 5B5@MG=G GI6G=8=N=B; * 5G 5 K<C@9 K=@@ DFCJ9 HC 69 5 KFCB; DC@=7M K<9B9J9F OFAG. Denti, Daria (2008), R and D in R&D: Endogenous Growth and Welfare European University Institute. DOI: 10.2870/143.

(247) " '. . DIFGI9 AI@H= GH5;9 *. !B H<9 OB5@ G97H=CB K9 =BHFC8I79 @95FB=B; 6M 8C=B; 6M G7=9BH=GHG K9 H5?9 =BHC 577CIBH H<9 :57H H<5H G7=9BH=GHG KCF?=B; K=H< 65G=7 F9G95F7< =895G 69B9OH :FCA B9K :IB85A9BH5@ 8=G7CJ9F=9G K=H< F9GD97H HC H<9=F DFC8I7H=J=HM ,<=G 5ACIBH HC 588 5 B9K 7<5BB9@ H<FCI;< K<=7< 65G=7 F9G95F7< DCG=H=J9@M =BPI9B79G H<9 97CBCAM /=H< F9GD97H HC H<=G B9K :CFAI@5H=CB K9 OB8 H<5H H<9 8979BHF5@=N98 9EI=@=6F=IA 8C9G BCH 7<5B;9 5G DF=J5H9 5;9BHG :5=@ HC =BH9FB5@=N9 H<9 9LH9FB5@=HM ,<9B 9J9B HCI;< 8=U9F9B79G 5F=G9 K=H< F9GD97H HC OFGH 69GH CIH7CA9G CDH=A5@ OG75@ DC@=7M GH5H9G 9J9B GHFCB;@M H<5H 65G=7 F9G95F7< CB@M B998G GIDDCFH ,<9 D5D9F =G CF;5B=N98 5G :C@@CKG +97H=CB 89G7F=69G H<9 97CBCAM +97H=CB 5B5@MN9G H<9 8979BHF5@=N98 9EI=@=6F=IA +97H=CB DF9G9BHG H<9 +C7=5@ (@5BB9F CIH7CA9 5B8 GCA9 K9@:5F9 7CBG=89F5H=CBG 56CIH CDH=A5@ OG75@ DC@=7M +97H=CB =BHFC8I79G @95FB=B; 6M 8C=B; 6M G7=9BH=GHG KCF?=B; K=H< 65G=7 F9G95F7< +97H=CB 7CB7@I89G. ,<9 7CBCAM G K9 <5J9 5F;I98 =B H<9 =BHFC8I7H=CB K9 <5J9 HC 8=GH=B;I=G< 65G=7 F9G95F7< :FCA 89J9@ CDA9BH 5@CB; H<9 :C@@CK=B; @=B9G2 65G=7 F9G95F7< =G H<9 DF9@=A=B5FM GH9D C: 5 AI@H= GH5;9 F9G95F7< DFC79GG K<9F9 89J9@CDA9BH =G H<9 @5GH CB9 22 65G=7 F9G95F7< ;9B9F5H9G DCG=H=J9 GD=@@CJ9FG 5U97H=B; H<9 97CBCAM 57FCGG G97HCFG 222 GD=@@CJ9FG 5GGC7=5H98 HC 89J9@CDA9BH 57 H=J=HM 5F9 K95? 5B8 8C BCH GDIF 57FCGG 8=U9F9BH G97HCFG (C=BHG 2 HC 222 5U97H H<9 97CBCAM =B A5BM K5MG 6M 7<5B;=B; H<9 GHFI7HIF9 C: D5MCUG :FCA * 9UCFHG K=H< F9GD97H HC GH5B 85F8 <CF=NCBH5@ =BBCJ5H=CB @=H9F5HIF9 6M 9L9FH=B; GD=@@CJ9FG 9U97HG CB H97<BC@C;M C: ;CC8. Denti, Daria (2008), R and D in R&D: Endogenous Growth and Welfare European University Institute. DOI: 10.2870/143.

(248) " '. . DFC8I7H=CB 5B8 6M 7<5B;=B; H<9 GHFI7HIF9 C: H<9 F9G95F7< DFC79GG ,<9G9 B9K 9@9A9BHG B998 HC 69 =BHFC8I798 =BG=89 5B <CF=NCBH5@ =BBCJ5H=CB :F5A9KCF?. /9 6F=9PM F975@@ H<5H GH5B85F8 <CF=NCBH5@ =BBCJ5H=CB :F5A9KCF?G 7CBG=89F * 5G 5 G=B;@9 GH9D 57H=J=HM K=H< 9=H<9F BC CF =BHF5 G97HCF GD=@@CJ9FG ,<9F9:CF9 GH5B85F8 AC89@G G<CI@8 69 IG98 HC 89G7F=69 5B 97CBCAM D9F:CFA=B; CB@M 89J9@CDA9BH 57H=J=HM 9J9B =: H<9F9 KCI@8 69 GH=@@ 5 8F5K657? 7CBG=GH=B; C: H<9 D9FD9HI5@ ACBCDC@=GH=7 D5MCUG H<5H 957< =BBCJ5HCF 9B>CMG ,<9G9 5F9 ACF9 7CBG=GH9BH K=H< 65G=7 F9G95F7< =BH9BG=J9 89G=;BG &9@GCB ,<=G 8=G58J5BH5;9 <5G 5@F958M 699B DC=BH98 CIH =B H<9 @=H9F5HIF9 5FFC 5B8 +5@5 ! %5FH=B

(249)

(250) 5B8 =H <5G 699B A5GH9F98 H<FCI;< H<9 =BHFC8I7H=CB C: 9FCG=CB C: ACBCDC@=GH=7 DCK9F HC 577CIBH :CF =A=H5H=CB 5B8 7@CG9 GI6GH=HIH=CB 9U97HG !B H<9 G9H ID 89J9@CD98 =B H<=G 7<5DH9F G=B79 CB@M 65G=7 F9G95F7< =BH9BG=J9 57H=J=HM =G D9F:CFA98 9FCG=CB =G FI@98 CIH 6M 5GGIADH=CB. ,<9 97CBCAM <5G 5 IB=EI9 AI@H= GH5;9 * G97HCF OFGH OFAG D9F:CFA 65G=7 F9G95F7< H<9B 65G=7 F9G95F7< CIHDIH =G 9AD@CM98 =B H<9 G97CB8 F9G95F7< 57H=J=HM HC DFC8I79 5B 5DD@=98 89G=;B :CF 5 B9K J5F=9HM C: =BH9FA98=5H9 ;CC8 *9G95F7< 57H=J=H=9G ;9B9F5H9 GD=@@CJ9FG 65G=7 F9G95F7< 9L9FHG 5B =BH9F G97HCF 9U97H CB OB5@ ;CC8 DFC8I7H=CB K<9F95G 89J9@CDA9BH 5U97HG =HG CKB DFC8I7H=J=HM CB@M =B5@@M 5 ;=J9B F9G95F7< =BJ9GHA9BH A5M ;9B9F5H9 97CBCA=75@@M IG9@9GG 89G=;BG G IGI5@ =BH9FA98=5H9 ;CC8G 5F9 IG98 =B H<9 DFC8I7H=CB C: H<9 OB5@ ;CC8 :CF9J9F =B5@ ;CC8 =G IG98 :CF 7CBGIADH=CB 5B8 =BDIH =B GCA9 G97HCFG ,<9 :C@@CK=B; O;IF9 <=;<@=;<HG H<9 GHFI7HIF9 C: H<9 97CBCAM. -DK5F8 DC=BH=B; K<=H9 5FFCKG G<CK H<9 G9EI9B79 C: DFC79GG9G B99898 HC DFC8I79 OB5@ CIHDIH =B G97HCF 5B8 F9GD97H=J9@M F5M 5FFCKG <=;<@=;<H H<9 8=U9F9BH DIFDCG9G C: OB5@ CIHDIH CHH98 5FFCKG G<CK H<9 8=F97H=CB C: 9LH9FB5@=H=9G. Denti, Daria (2008), R and D in R&D: Endogenous Growth and Welfare European University Institute. DOI: 10.2870/143.

(251) " '. . =;IF9 . +HFI7HIF9 C: H<9 7CBCAM. +9H ID ,<9F9 5F9 H<F99 HMD9G C: 5;9BHG =B H<9 AC89@. CIG9<C@8G A5L=A=N9 IH=@=HM GI6>97H HC. H<9=F 6I8;9H 7CBGHF5=BH ,<9M <C@8 G<5F9G C: =BH9FA98=5H9 G97HCF OFAG GIDD@M @56CIF 5B8 =BJ9GH =B B9K =895G =B5@ ;CC8 DFC8I79FG <=F9 @56CIF 5B8 =BH9FA98=5H9 ;CC8G 5B8 7CA6=B9 H<9A HC DFC8I79 5 OB5@ ;CC8 K<=7< =G GC@8 5H IB=H DF=79 ,<=G OB5@ ;CC8 G9FJ9G 8=U9F9BH DIFDCG9G 7CBGIADH=CB =BDIH :CF =BH9FA98=5H9 ;CC8 DFC8I7H=CB 5B8 =BDIH :CF 65G=7 F9G95F7< 57H=J=HM 9J9@CDA9BH 8C9G BCH IG9 OB5@ CIHDIH 5G =BDIH G=B79 =H HF5BG:CFAG 65G=7 F9G95F7< =895G =BHC 5DD@=98 89G=;BG IG=B; CB@M 65G=7 F9G95F7< 5B8 @56CIF 5G 7CGH@M =BDIHG. * OFAG 89JCH9 F9GCIF79G HC 8=G7CJ9F B9K 89G=;BG =U9F9BH@M :FCA GH5B85F8 <CF=NCBH5@ =BBCJ5H=CB G9H ID <9F9 K9 895@ K=H< 65G=7 F9G95F7< =BH9BG=J9 89G=;BG CB@M ,<=G :C7IG =AD@=9G H<5H H<9 IB=EI9 * DFC79GG =G A589 C: HKC GH9DG 957< CB9 7<5F57H9F=N98 6M 5 GD97=O7. Denti, Daria (2008), R and D in R&D: Endogenous Growth and Welfare European University Institute. DOI: 10.2870/143.

(252) " '. . H97<BC@C;M /9 5GGIA9 H<5H H<9F9 =G IB79FH5=BHM K=H< F9GD97H HC 9LD@C=H56=@=HM C: H<9 OB5@ 89G=;B 7CA=B; :FCA H<9 A5B=DI@5H=CB C: 65G=7 F9G95F7< =895G ,<=G 5GGIADH=CB =G 7CBG=GH9BH HC H<9 @=H9F5HIF9 G=B79 K9 5F9 577CIBH=B; :CF H<9 :57H H<5H :IB85A9BH5@ 8=G7CJ9F=9G K<=7< 5F9 F95@=N98 K=H<CIH 5BM GD97=O7 97CBCA=7 5=A A5M :5=@ HC 69 IG9:I@ HC 7F95H9 5 B9K DFC8I7H CF DFC79GG ,<=G :5=@IF9 =G F9J95@98 CB@M 5:H9F :IFH<9F F9G95F7< =G 5DD@=98 HC H<9 65G=7 F9G95F7< =895. =FAG 7<CCG9 K<9H<9F HC 9BH9F CF BCH ?BCK=B; =B 58J5B79 H<9 7<5F57H9F=GH=7G C: H<9 97CBCAM @@ 89G=;BG 5B8 =895G 5F9 D5H9BH98 5B8 H<9M 5F9 GI6>97H HC H<9 G5A9 @5K ,C H<=G F9GD97H K9 ?99D H<9 GH5B85F8 5GGIADH=CB 56CIH D9FD9HI5@ D5H9BH CB79 5 89G=;B <5G 699B D5H9BH98 H<9 CKB9F C: H<9 D5H9BH <C@8G H<9 9L7@IG=J9 5B8 D9FD9HI5@ F=;<H 56CIH =HG DCH9BH=5@ 97CBCA=75@ 9LD@C=H5H=CB. ,<9 AC89@ '*( %++" .#!/+- (FC8I79FG C: OB5@ ;CC8 <5J9 5779GG HC 5 DFC8I7H=CB H97<BC@C;M 7CA6=B=B; 5 BIA69F C: =BH9FA98=5H9 =BDIHG 5B8 @56CIF HC DFC8I79 OB5@ CIHDIH K<=7< =G H<9B GC@8 =B H<9 A5F?9H 5H IB=H DF=79 CFA5@@M ' . *. :) *.. . . K<9F9 =B5@ ;CC8 G97HCF 5;;F9;5H9G =B 5 C66 CI;@5G :5G<=CB HKC 7CGH@M =BDIHG =BH9FA98=5H9 ;CC8G :) 5B8 @56CIF :) =G H<9 9AD@CMA9BH C: H<9 .H< HMD9 C: =BH9FA98=5H9 ;CC8 5B8 /! =G H<9 HCH5@ BIA69F C: J5F=9H=9G C: =BH9FA98=5H9G =B H<9 97CBCAM &CH9 H<5H. Denti, Daria (2008), R and D in R&D: Endogenous Growth and Welfare European University Institute. DOI: 10.2870/143.

(253) " '. . /! 8C9G BCH 7CFF9GDCB8G HC H<9 HCH5@ GHC7? C: 89G=;BG DFC8I798 K<=7< =G ;=J9B 6M ! ,<=G <5DD9BG 6975IG9 BCH 5@@ H<9 89G=;BG C6H5=B98 HF5BG:CFA=B; 65G=7 F9G95F7< =895G 5F9 97CBCA =75@@M 9LD@C=H56@9 ,C H<=G F9GD97H K9 5GGIA9 H<5H H<9F9 =G 5 DFC656=@=HM / / H<5H H<9 HF5BG:CFA5H=CB C: 65G=7 F9G95F7< =895G =BHC 89G=;BG ;=J9G 5 D5H9BH K<=7< 5@@CKG :CF 5 B9K J5F=9HM C: =BH9FA98=5H9 ;CC8 H 957< DC=BH =B H=A9 K9 <5J9 ! 89G=;BG C6H5=B98 :FCA H<9 HF5BG:CFA5H=CB C: 65G=7 F9G95F7< =895G 'IH C: H<=G GHC7? CB@M 5 :F57H=CB 5@@CK :CF B9K J5F=9H=9G C: =BH9FA98=5H9 ;CC8G CF H<9 @5K C: @5F;9 BIA69F H<=G :F57H=CB 9EI5@G /!. =B5@ ;CC8 DFC8I7H=CB =G 5U97H98 6M 5 DCG=H=J9 9LH9FB5@=HM 89H9FA=B98 6M H<9 5FF5M C: 65G=7 F9G95F7< 5J5=@56@9 HC B9K =BBCJ5HCFG ,<=G 5GGIADH=CB F9@=9G CB H<9 @9J9@ C: ;9B9F5@=HM C: H<=G F9G95F7< 57H=J=HM K<=7< 5@@CKG :CF =BH9F G97HCF GD=@@CJ9FG 5G DC=BH98 CIH 6CH< =B H<9 @=H9F5HIF9 5B8 =B H<9 9AD=F=75@ 9J=89B79 IB?

(254)

(255) $=7<H9A69F;

(256) CBG=GH9BH@M K=H< 9AD=F=75@ 9J=89B79 CB * GD=@@CJ9FG K9 5GGIA9 H<5H H<9 9LH9FB5@=HM 89D9B8G DCG=H=J9@M CB 65G=7 F9G95F7< # $=7<H9A69F;

(257) ,<9B :C@@CK=B; CH<9F K9@@ 9GH56@=G<98 KCF?G K9 5GGIA9 H<5H 65G=7 F9G95F7< DFCD5;5H9G 57FCGG H<9 97CBCAM H<FCI;< H<9 =BH9F57H=CBG 69HK99B G7=9BH=GHG 5B8 CH<9F KCF?9FG $I75G ,<9F9:CF9 K9 75B 5GGIA9 H<5H H<9 DCG=H=J9 9LH9FB5@=HM 9U97H =G D@5M98 6M H<9 *?.;*0. @9J9@ C: 65G=7 F9G95F7<.

(258). K<9F9 5F9 HCH5@. G7=9BH=GHG KCF?=B; K=H< 65G=7 F9G95F7< F5H<9F H<5B 6M H<9 *00;.0*=. @9J9@ 5G GD=@@CJ9FG ;9H =BPI9B798 6M H<9 EI5@=HM C: G7=9BH=GHG H<5H OB5@ ;CC8 KCF?9FG A99H =B5@@M K9 5GGIA9 H<5H D5H9BH CKB9FG 9L9FH GCA9 BC=G9 5FCIB8 65G=7 F9G95F7< =895G HFM=B; HC 9B:CF79 GCA9 G97F97M HC DF9G9FJ9 GHF5H9;=7 5B8 7CGH@M =BDIHG :CF B9K 89G=;BG /9 AC89@ H<9G9 9UCFHG 5G DFCDCFH=CB5@ HC H<9 G=N9 C: G97HCF ! ,<=G 5GGIADH=CB <=B;9G CB H<9 ?9M F9@9J5B79 C: 65G=7 F9G95F7< =B. Denti, Daria (2008), R and D in R&D: Endogenous Growth and Welfare European University Institute. DOI: 10.2870/143.

(259) " '. . 9BGIF=B; <=;< 5B8 @CB; @5GH=B; D5MCUG :CF OFAG 5B8 CB H<9 :57H H<5H <9F9 65G=7 F9G95F7< =G 9BH=F9@M D9F:CFA98 6M DF=J5H9 OFAG ,<9 @5HH9F :95HIF9 =AD@=9G H<5H =B H<=G 97CBCAM 65G=7 F9G95F7< 75BBCH 69 H<CI;<H 5G 5 ?BCK@98;9 K<CG9 H5G? =G HC 69 GDF958 5ACB; G7=9BH=GHG HC :I9@ 8965H9G 5B8 :IFH<9F F9G95F7< 5B8 H<5H G97F97M 56CIH ?9M 8=G7CJ9F=9G =G =ADCFH5BH HC :I@@M 9LD@C=H H<9=F 97CBCA=7 DCH9BH=5@ !B CH<9F KCF8G 9UCFHG 75FF=98 CB 6M OFAG HC DF9G9FJ9 GHF5H9;=7 5B8 7CGH@M =BDIHG :CF B9K 89G=;BG DF9J9BHG 7@CG9 GI6GH=HIH9G HC 5F=G9 &CH9 H<5H H<=G 9BJ=FCBA9BH =G 7CBG=GH9BH K=H< 9J=89B79 56CIH DF=J5H9@M D9F:CFA98 65G=7 F9G95F7< I8F9GH7< .= *5

(260)