Journal ArticleDOI
Steady Endogenous Growth with Population and R. & D. Inputs Growing
TLDR
In this paper, a Schumpeterian endogenous growth model is presented, in which a steady state exists with a constant growth rate even though population and the inputs to R. & D. are growing.Abstract:
This paper presents a Schumpeterian endogenous growth model in which a steady state exists with a constant growth rate even though population and the inputs to R. & D. are growing. The scale effect of rising population is nullified by product proliferation that fragments the growing demand for intermediate prodcuts, thus preventing the reward to any specific innovation from rising with population. All the ususal comparitive statics results of Schumpeterian growth theory are valid, including the positive effect of R. & D. subsidies on growth.read more
Citations
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The Knowledge Spillover Theory of Entrepreneurship
TL;DR: This article developed a knowledge spillover theory of entrepreneurship, which argued that knowledge created endogenously results in knowledge spillovers, which allow entrepreneurs to identify and exploit opportunities, and then use this knowledge to increase economic growth.
Posted Content
Directed Technical Change
TL;DR: This article developed a simple framework to analyze the forces that shape these biases, and applied this framework to discuss a range of issues including: Why technical change over the past 60 years was skill-biased, and why the skill bias may have accelerated over twenty-five years.
Journal ArticleDOI
The Effect of Financial Development on Convergence: Theory and Evidence
TL;DR: In this paper, the authors introduce imperfect creditor protection in a multi-country version of Schumpeterian growth theory with technology transfer, and show that the likelihood of converging to the U.S. growth rate increases with financial development.
Book
The Economics of Growth
Philippe Aghion,Peter Howitt +1 more
TL;DR: The economics of growth as mentioned in this paper is a comprehensive, rigorous, and up-to-date introduction to growth economics that presents all the major growth paradigms and shows how they can be used to analyze the growth process and growth policy design.
Journal ArticleDOI
Endogenous Growth and Cross-Country Income Differences
TL;DR: In this article, a multicountry Schumpeterian growth model is constructed, and transition dynamics for each country and for the world economy are analyzed for the two countries and the world.
References
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Journal ArticleDOI
A Contribution to the Empirics of Economic Growth
TL;DR: The authors examined whether the Solow growth model is consistent with the international variation in the standard of living, and they showed that an augmented Solow model that includes accumulation of human as well as physical capital provides an excellent description of the cross-country data.
Journal ArticleDOI
R&d-based models of economic growth
TL;DR: In this article, a modified version of the Romer model that is consistent with this evidence is proposed, but the extended model alters a key implication usually found in endogenous growth theory.
Posted Content
The Tyranny of Numbers: Confronting the Statistical Realities of the East Asian Growth Experience
Alwyn Young,Alwyn Young +1 more
TL;DR: In this article, the fundamental role played by factor accumulation in explaining the extraordinary postwar growth of Hong Kong, Singapore, South Korea and Taiwan is discussed, and the authors show that participation rates, educational levels and investment rates have risen rapidly in all four economies, with non-agricultural and manufacturing employment growing one and a half to two times as fast as the aggregate working population.
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Equipment Investment and Economic Growth
TL;DR: The authors found that machinery and equipment investment has a strong association with growth: over l 9 and 95 each percent of GDP invested in equipment is associated with an increase in GDP growth of 1/3 a percentage point per year.
Journal ArticleDOI
Growth: With or Without Scale Effects?
TL;DR: A review of the expanding literature on idea-based models and scale effects can be found in this article, where the authors present simple versions of various recent ideabased growth models and analyzes their implications for the relationship between scale and growth.