Template-Type: ReDIF-Paper 1.0 
Title: R&D Capital: An Engine of Growth
Author-Name: Jakub Growiec 
Abstract: Research and development (R&D) requires not only skilled research work, but also dedicated machinery and equipment: R&D capital. In this paper I demonstrate that R&D, producing labor-augmenting ideas, and the accumulation of R&D capital can form a dual engine of economic growth. With R&D capital, balanced growth can be sustained even under decreasing returns and in the absence of population growth. This result contributes to the long-lasting debate on endogenous vs. semi-endogenous R&D-based growth and the likelihood of an upcoming secular stagnation.
Number: 2022-077
Length: 10 pages 
Creation-Date: 2022-05
Keywords: R&D capital, long-run economic growth, growth engine, endogenous growth, secular stagnation
Classification-JEL: O30, O40
File-URL: https://hdl.handle.net/20.500.12182/1135
File-Format: Application/pdf
DOI: 10.33119/kaewps2022077
Handle: RePEc:sgh:kaewps:2022077