A Policy Conundrum: Schumpeterian Growth or Job Creation?

被引：2
作者：
Dinopoulos, Elias [1 ]
Grieben, Wolf-Heimo [2 ]
Sener, Fuat [3 ]
机构：
[1] Univ Florida, Dept Econ, Gainesville, FL 32611 USA
[2] Univ Halle Wittenberg, Dept Econ, Univ Sring 3, D-06099 Halle, Germany
[3] Union Coll, Dept Econ, Schenectady, NY 12308 USA
来源：
ECONOMIC MODELLING | 2023年 / 126卷
关键词：
Economic growth; Equilibrium unemployment; Industrial policies; Vacancy creation; Rent protection; RESEARCH-AND-DEVELOPMENT; LABOR-MARKET RIGIDITIES; ENDOGENOUS GROWTH; EQUILIBRIUM UNEMPLOYMENT; INTELLECTUAL PROPERTY; INCREASING RETURNS; CYCLICAL BEHAVIOR; TFP GROWTH; SHORT-RUN; TRADE;
D O I：
10.1016/j.econmod.2023.106378
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
This paper formally and quantitatively analyzes the impact of economic policies on long-run growth and equilibrium unemployment. We construct a dynamic general equilibrium model featuring innovation contests through creative destruction, fully-endogenous Schumpeterian growth, rent-protection activities by incumbent firms, and search-based unemployment. We find that industrial policies in the form of production subsidies/taxes to small young firms or large adult firms and R & D subsidies/taxes to entrepreneurs suffer from the policy conundrum: they lead to either faster growth with fewer jobs or slower growth with more jobs. In contrast, labor market policies reducing job vacancy costs avoid the policy conundrum by generating higher growth and lower unemployment.
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页数：22
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