Abstract

Recent empirical work has pointed to apositivecorrelation betweenproduct market competitionandproductivity growth. In this lecture we try to reconcile this evidence with the Schumpterian growth paradigm. Three alternative explanations are successively considered, respectively based upon agency considerations, the tacit nature of knowledge, and the decomposition of R and D activities into researchanddevelopment.Journal of Economic LiteratureClassification Numbers: O4, D4.

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