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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.
From the
Hansard archive
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