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DP5840 Competition, Innovation and Growth with Limited Commitment

Author(s): Ramon Marimon , Vincenzo Quadrini
Publication Date: September 2006
Keyword(s): contract enforcement , human capital , economic growth
JEL(s): L14 , O4
Programme Areas: International Macroeconomics
Link to this Page: www.cepr.org/pubs/dps/DP5840.asp.asp


We study how barriers to competition - such as, restrictions to business start-up and strict enforcement of covenants or IPR - affect the investment in knowledge capital when contracts are not enforceable. These barriers lower the competition for human capital and reduce the incentive to accumulate knowledge. We show in a dynamic general equilibrium model that this mechanism has the potential to account for significant cross-country income inequality.

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