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Technology adoption in follower countries can be accomplished by local R&amp;D activities, but it can also be achieved without formal R&amp;D, for example, by foreign direct investment. Empirical evidence suggests that current R&amp;D activities often expand local knowledge for future R&amp;D, while adoption without R&amp;D does not seem to have this effect. We formalize this idea in a quality-ladder growth model and find that this biased externality results in multiple steady states: In the long run, countries with sufficient initial knowledge and human capital converge to a state in which R&amp;D is locally undertaken and thus become relatively rich, while other countries fully rely on technology adoption without R&amp;D and stay poor. Switching regression using cross-country data supports the presence of multiple steady states in R&amp;D expenditures.

Technology Adoption in Follower Countries: With or Without Local R&D Activities?