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The New Growth Theory and Coasean Economics: Institutions to Capture Externalities

Weder, Rolf and Grubel, Herbert G.. (1993) The New Growth Theory and Coasean Economics: Institutions to Capture Externalities. Review of world economics, 129 (3). pp. 488-513.

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Official URL: http://edoc.unibas.ch/43002/

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Abstract

The New Growth Theory and Coasean Economics: Institutions to Capture Externalities. — This paper presents the main theoretical arguments which lead many adherents of the New Growth Theory to the conclusion that externalities in research and development are important for economic growth and warrant government subsidies. In contrast, the authors point to private institutions like associations, company structures and industry clusters which can capture such externalities. An international comparison of private R&D investment and special features of institutions in Switzerland and Japan are in line with this hypothesis. Thus, the argument for R&D subsidies made by the New Growth Theory is considerably reduced.
Faculties and Departments:06 Faculty of Business and Economics > Departement Wirtschaftswissenschaften > Professuren Wirtschaftswissenschaften > Aussenwirtschaft und Europ. Integration (Weder)
08 Cross-disciplinary Subjects > Europainstitut > Europainstitut > Europäische Wirtschaft (Weder)
UniBasel Contributors:Weder, Rolf
Item Type:Article, refereed
Publisher:Springer
ISSN:1610-2878
e-ISSN:1610-2886
Note:Publication type according to Uni Basel Research Database: Journal article
Identification Number:
Last Modified:26 Oct 2016 09:35
Deposited On:26 Oct 2016 09:35

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