This assessment of recent theoretical work on endogenous growth identifies three different engines of long-run growth: (1) the asymptotic average product of capital is positive; (2) labor productivity increases as an external effect of capital accumulation; and (3) there are feedback effects on the cost of accumulating knowledge or innovating. A general model encompassing all three is considered and then used to review different proposed determinants of long-run growth rates. The contribution of endogenous growth theory has been to create a framework in which to explain why economic institutions and policies can have long-run effects on growth rates. Copyright 1993 by The editors of the Scandinavian Journal of Economics.
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Volume (Year): 95 (1993) Issue (Month): 4 (December) Pages: 391-425 Download reference. The following formats are available: HTML
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Steve Dowrick, 1994.
"Openness and Growth,"
RBA Annual Conference Volume,
in: Philip Lowe & Jacqueline Dwyer (ed.), International Intergration of the Australian Economy
Reserve Bank of Australia.
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