Sánchez-Losada, Fernando2021-03-312021-04-302019-040347-0520https://hdl.handle.net/2445/175959In this paper, by proposing an R&D accumulation law for an economy with an expanding number of firms, I seek to reconcile the following three facts: the positive relationship between the fraction of income allocated to R&D expenditure and growth; the positive relationship between the number of firms and total factor productivity growth; and knowledge as a non‐rival and non‐excludable good. There are scale effects because of the public nature of knowledge, but the economy also grows in the absence of population growth. I find that population growth explains one‐fifth of market income growth but only one‐sixteenth of efficient income growth.20 p.application/pdfeng(c) The editors of The Scandinavian Journal of Economics, 2019Gestió del coneixementRecercaBéns públicsProductivitatKnowledge managementResearchPublic goodsProductivityinfo:eu-repo/semantics/article7099842021-03-31info:eu-repo/semantics/openAccess