Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/233515
Authors: 
Vasilev, Aleksandar
Year of Publication: 
2021
Citation: 
[Journal:] Theoretical and Practical Research in Economic Fields [ISSN:] 2068-7710 [Issue:] forthcoming
Abstract: 
We utilize a standard endogenous-growth model with knowledge spillovers (the “k-K” model). We characterize the optimal Balanced Growth Path (BGP), and compare it to the path under market competition. In the presence of externalities, markets fail. One way to restore efficiency is to subsidize knowledge accumulation, and finance the subsidy by taxing final consumption.
Subjects: 
knowledge spillovers
externalities
educational subsidy
JEL: 
O31
O41
Document Type: 
Article
Document Version: 
Accepted Manuscript (Postprint)

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