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The Mechanics Of Economic Growth Through Capital Accumulation And Technological Progress

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  • SHIRO KUWAHARA

Abstract

This study develops a model wherein capital is used in final goods production and research and development (R&D) activities. This arrangement generates changes of the equilibrium capital allocation corresponding to capital endowment, which engenders a regime change from capital based growth with decreasing returns to R&D based perpetual growth. These two growth phases account for the polarization of economies. The model also engenders multiple equilibria on capital allocation—which emerge during the middle stages of capital accumulation—accounting for leapfrogging and the instability of the economic growth of developing countries with medium capital accumulation.

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  • Shiro Kuwahara, 2007. "The Mechanics Of Economic Growth Through Capital Accumulation And Technological Progress," The Japanese Economic Review, Japanese Economic Association, vol. 58(4), pages 504-523, December.
    • Handle: RePEc:bla:jecrev:v:58:y:2007:i:4:p:504-523
    DOI: 10.1111/j.1468-5876.2007.00402.x
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    Cited by:

    1. Pierre-Richard Agénor, 2017. "Caught In The Middle? The Economics Of Middle-Income Traps," Journal of Economic Surveys, Wiley Blackwell, vol. 31(3), pages 771-791, July.
    2. Chu, Angus C. & Kou, Zonglai & Wang, Xilin, 2022. "Culture and stages of economic development," Economics Letters, Elsevier, vol. 210(C).
    3. Kuwahara, Shiro, 2019. "Multiplicity and stagnation under the Romer model with increasing returns of R&D," Economic Modelling, Elsevier, vol. 79(C), pages 86-97.
    4. Pierre-Richard AGENOR, 2016. "Caught in the Middle? The Economics of Middle-Income Traps," Working Papers P142, FERDI.
    5. Shiro Kuwahara, 2013. "Dynamical analysis of the R&D-based growth model with a regime switch," Journal of Economics, Springer, vol. 108(1), pages 35-57, January.

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