Describe the logic and the components of the model, Macroeconomics

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Describe the logic and the components of the model

Problem: Consider a Schumpeterian mode with an R&D sector and an increasing product quality:

a) Describe the logic and the components of the model (a mathematical description of the model is not required).

b) Why are such models called " Schumpeterian"? Discuss this critically.

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Macroeconomics: Describe the logic and the components of the model

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Macroeconomics: Describe the logic and the components of the model

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