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Strategies for Growth in a Macroeconomic Setting

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  • van de Klundert, Theo
  • Smulders, Sjak

Abstract

Endogenous growth theory explains long-run economic expansion by intertemporal preferences, technology, and other factors, e.g., taxes. Here the authors focus on more subtle and strategic factors in a theory of endogenous growth that follows M. F. Scott (1989) and is based on learning-by-doing and learning-by-watching. Coordination of investment in the presence of learning externalities boosts growth. Managerial discretion based on the separation between ownership and control affects growth but the magnitude of the effects depends on the way firms set labor demand. Uncertainty positively affects growth because of precautionary savings. The effect is amplified if projects with higher growth rates are more risky. Copyright 1995 by Blackwell Publishers Ltd and The Victoria University of Manchester

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Bibliographic Info

Article provided by University of Manchester in its journal The Manchester School of Economic & Social Studies.

Volume (Year): 63 (1995)
Issue (Month): 4 (December)
Pages: 388-411

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Handle: RePEc:bla:manch2:v:63:y:1995:i:4:p:388-411

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References

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  1. Van de Klundert, T. & Meijdam, L., 1991. "Endogenous Growth and Income Distribution," Papers 9123, Tilburg - Center for Economic Research.
  2. Kormendi, Roger C. & Meguire, Philip G., 1985. "Macroeconomic determinants of growth: Cross-country evidence," Journal of Monetary Economics, Elsevier, vol. 16(2), pages 141-163, September.
  3. Sala-I-Martin, X., 1990. "Lecture Notes On Economic Growth: Five Prototype Models Of Endogenous Growth," Papers 622, Yale - Economic Growth Center.
  4. Lucas, Robert Jr., 1988. "On the mechanics of economic development," Journal of Monetary Economics, Elsevier, vol. 22(1), pages 3-42, July.
  5. Xavier Sala-i-Martin, 1990. "Lecture Notes on Economic Growth(II): Five Prototype Models of Endogenous Growth," NBER Working Papers 3564, National Bureau of Economic Research, Inc.
  6. Mervyn A. King & Mark Robson, 1989. "Endogenous Growth and the role of History," NBER Working Papers 3151, National Bureau of Economic Research, Inc.
  7. Cooper, Russell & John, Andrew, 1988. "Coordinating Coordination Failures in Keynesian Models," The Quarterly Journal of Economics, MIT Press, vol. 103(3), pages 441-63, August.
  8. Xavier Sala-i-Martin, 1994. "Lecture notes on economic growth (I): Introduction to the literature and Neoclassical models," Economics Working Papers 77, Department of Economics and Business, Universitat Pompeu Fabra.
  9. Paul M Romer, 1999. "Increasing Returns and Long-Run Growth," Levine's Working Paper Archive 2232, David K. Levine.
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Cited by:
  1. Igor Pospelov & Stanislav Radionov, 2013. "Multisector monopolistic competition model," HSE Working papers WP BRP 34/EC/2013, National Research University Higher School of Economics.

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