On R&D and the undersupply of emerging versus mature technologies
نویسنده
چکیده
An important policy question is whether research and development (R&D) in new, emerging technologies should be subsidized more than R&D in other more mature technologies. In this paper I analyze if innovation externalities caused by knowledge spillovers from private rms may warrant a di¤erentiated R&D policy. I nd that R&D in emerging and mature technologies should not be subsidized equally. The reason is that R&D in the two technologies is not equally undersupplied in the market due to di¤erences in their knowledge stocks. R&D in the mature technology should be subsidized more when the sum of the output elasticities with respect to labor and knowledge in R&D production is high, while R&D in the emerging technology should be subsidized more when the elasticities are low. JEL classi cation: O32; O38. Keywords: Endogenous growth; Innovation policy; Technological spillovers; Sector-speci c R&D.
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