Abstract
The New Growth Theory and Coasean Economics: Institutions to Capture Externalities. — This paper presents the main theoretical arguments which lead many adherents of the New Growth Theory to the conclusion that externalities in research and development are important for economic growth and warrant government subsidies. In contrast, the authors point to private institutions like associations, company structures and industry clusters which can capture such externalities. An international comparison of private R&D investment and special features of institutions in Switzerland and Japan are in line with this hypothesis. Thus, the argument for R&D subsidies made by the New Growth Theory is considerably reduced.
Zusammenfassung
Die neue Wachstumstheorie und Coase. Institutionen zum Erfassen externer Effekte. — In dem Aufsatz werden die wichtigsten theoretischen Argumente vorgestellt, aus denen viele Anhänger der neuen Wachstumstheorie schlieβen, daβ Forschung und Entwicklung externe Effekte haben, daher für das wirtschaftliche Wachstum wichtig sind und eine staatliche Förderung rechtfertigen. Die Autoren betrachten diese Folgerung im Lichte privater Institutionen wie Verbände, Unternehmensstrukturen und die regionale Konzentration von Industrien, von denen behauptet wird, daβ sie die externen Effekte, die im Mittelpunkt der neuen Wachstumstheorie stehen, einfangen. Ein internationaler Vergleich von privaten F&E-Investitionen und spezielle Merkmale von Institutionen in der Schweiz und in Japan stimmen mit dieser Hypothese überein. Die Verfasser kommen zu dem Schluβ, daβ die Existenz solcher Institutionen die Berechtigung von Subventionen für Forschung und Entwicklung, wie sie von der neuen Wachstumstheorie befürwortet werden, erheblich verringert.
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Weder, R., Grubel, H.G. The New Growth Theory and Coasean economics: Institutions to capture externalities. Weltwirtschaftliches Archiv 129, 488–513 (1993). https://doi.org/10.1007/BF02707999
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DOI: https://doi.org/10.1007/BF02707999