The Impact of Informative Producer Service on Economic Growth.
详细信息
文摘
In chapter 1,Informative producer services such as consulting,advertising,technical support,repair and maintenance services,etc. are formally introduced into an endogenous growth model. These services overcome the information friction generated by the process of technology specialization. This model has three implications. First,activities of these informative producer services positively affect the steady state rate of growth. Second,the growth of variety leads to the growth of the amount of informative producer services per firm as well. Third,subsidies to informative producer services can increase the economic growth rate. In chapter 2,the model constructed in chapter receives empirical evidence using data on US manufacturing industries. In chapter 3,based on the model in chapter 1,I conduct an experiment to compare the economy with those services and the one without those services. First,I find that Activities of these services indeed contribute to the steady state rate of growth. Given that the technology spills over into the informative producer service sector,the economy can sustain a higher economic growth rate； Second,I extend the model to discuss the interaction between informative producer service sector and manufacturing sector in the process of economic development. I find that whether an economy may fall into development trap or cross threshold to provide informative producer services depends on its market scale and the productivity of these services； Thirdly,I evaluate the effect and welfare of different subsidy scheme in the economy. I find that subsidy to use informative producer services can be viewed as a channel to stimulate economic growth,however it cannot facilitate the economy to achieve its social optimum.