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On Endogenizing Long-Run Growth

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  • Hammond, Peter J
  • Rodriguez-Clare, Andres

Abstract

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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Bibliographic Info

Article provided by Wiley Blackwell in its journal Scandinavian Journal of Economics.

Volume (Year): 95 (1993)
Issue (Month): 4 (December)
Pages: 391-425

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Handle: RePEc:bla:scandj:v:95:y:1993:i:4:p:391-425

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Web page: http://onlinelibrary.wiley.com/journal/10.1111/(ISSN)1467-9442

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