In this article we devise an endogenous growth model with R&D, physical capital, and human capital with several externalities. The model is calibrated to the US economy and used to quantitatively evaluate the effect on growth and welfare of implementing different budget-neutral policies. The...

Abstract Different industrializing experiences beginning on innovation or education could be explained not only by different structural parameters or policies but also by differences in factor endowments. In this paper, we consider an endogenous growth model with physical capital, human capital...