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Quality Of Knowledge Technology, Returns To Production Technology, And Economic Development

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  • LE VAN, CUONG
  • SAGLAM, H. CAGRI

Abstract

We incorporate a production technology that exhibits increasing returns to scale for small values of the capital stock and diminishing returns for the higher stocks at the firm level in a discrete-time version of Romer s endogenous growth model. We study the social planner s problem where the social production technology exhibits globally increasing returns to scale. The properties of the optimal paths are characterized. It is proved that for a given quality of knowledge technology, the countries can take off if their initial stock of capital is above a critical value. We analyze the effect of three factors on the critical value: initial knowledge, quality of knowledge technology, and level of fixed costs associated with production.

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Bibliographic Info

Article provided by Cambridge University Press in its journal Macroeconomic Dynamics.

Volume (Year): 8 (2004)
Issue (Month): 02 (April)
Pages: 147-161

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Handle: RePEc:cup:macdyn:v:8:y:2004:i:02:p:147-161_03

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  1. Askenazy, P. & Le Van, C., 1997. "A Model of Optimal Growth Strategy," DELTA Working Papers 97-27, DELTA (Ecole normale supérieure).
  2. Lisa Morhaim & Charles-Henri Dimaria & Cuong Le Van, 2002. "The discrete time version of the Romer model," Economic Theory, Springer, vol. 20(1), pages 133-158.
  3. Paul M Romer, 1999. "Increasing Returns and Long-Run Growth," Levine's Working Paper Archive 2232, David K. Levine.
  4. Majumdar, Mukul & Mitra, Tapan, 1982. "Intertemporal allocation with a non-convex technology: The aggregative framework," Journal of Economic Theory, Elsevier, vol. 27(1), pages 101-136, June.
  5. Tjalling C. Koopmans, 1963. "On the Concept of Optimal Economic Growth," Cowles Foundation Discussion Papers 163, Cowles Foundation for Research in Economics, Yale University.
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Cited by:
  1. Olivier Bruno & Cuong Le Van & Benoît Masquin, 2009. "When Does a Developing Country Use New Technologies?," Post-Print halshs-00101361, HAL.
  2. Olivier Bruno & Cuong Le Van & Benoît Masquin, 2005. "When does a developing country use new technologies ?," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) halshs-00197539, HAL.
  3. Olivier Bruno & Cuong Le Van & Benoît Masquin, 2005. "When does a developing country use new technologies ?," Post-Print halshs-00197539, HAL.
  4. Anh Ngoc Nguyen & Ngoc Quang Pham & Chuc Dinh Nguyen & Nhat Duc Nguyen, 2008. "Innovation and Export of Vietnam's SME Sector," Working Papers 09, Development and Policies Research Center (DEPOCEN), Vietnam.

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