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Due to positive spillovers from research to knowledgecapital, the growth rate of the economy is constant in the steady state.
A common feature of many contributions is the emphasis on companyspecific knowledgecapital, which has properties of an internal public good.
In this model, accumulated capital is knowledgecapital which has two forms.
Recent growth theory has provided new insights on the incentives to accumulate capital in the form of physical, human, and knowledgecapital under free market conditions.
We are all aware of the importance of knowledgecapital to driving economic growth, particularly in peripheral regions and those that are economically disadvantaged.
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