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Endogenous Growth: Fragile Foundations?

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  • Yunfang Hu
  • Murray C. Kemp
  • Koji Shimomura

Abstract

The Frankel, Romer and Lucas theories of endogenous growth rest on the assumptions of knowledge‐based externalities and price‐taking representative agents. It is argued that, in a context of long‐run growth, these assumptions are mutually incompatible, that representative agents will cooperate to internalize the externalities and will cease to be price takers, and that, therefore, the relevance of theories based on those assumptions must be questioned.

Suggested Citation

  • Yunfang Hu & Murray C. Kemp & Koji Shimomura, 2006. "Endogenous Growth: Fragile Foundations?," Review of Development Economics, Wiley Blackwell, vol. 10(1), pages 113-115, February.
    • Handle: RePEc:bla:rdevec:v:10:y:2006:i:1:p:113-115
    DOI: 10.1111/j.1467-9361.2005.00304.x
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    References listed on IDEAS

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    1. Yunfang Hu & Murray C. Kemp & Koji Shimomura, 2005. "A Factor Endowment Theory of Endogenous Growth and International Trade," Review of Development Economics, Wiley Blackwell, vol. 9(4), pages 467-481, November.
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    Cited by:

    1. Binkai Xu & Yanming Sun, 2023. "The Impact of Industrial Agglomeration on Urban Land Green Use Efficiency and Its Spatio-Temporal Pattern: Evidence from 283 Cities in China," Land, MDPI, vol. 12(4), pages 1-19, April.

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