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Learning, scale effects, and (very) long-run growth

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  • Tsoukis, Christopher
  • Miller, Nigel James

Abstract

We develop a tractable model of endogenous growth that emphasises learning and the relevance of assimilated knowledge (as opposed to frontier knowledge) in research. The model is able to limit the scope of (level) scale effects, without degenerating into a model of "semi-endogenous" growth. We reassert the long-run potency of government policies that promote thrift, training, R&D and enhancement of productivity. We also show the relevance of learning for growth in the very long run, and its potential in accounting for the transition from stagnation to the secular growth of the industrial era.

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Bibliographic Info

Article provided by Elsevier in its journal Economic Modelling.

Volume (Year): 25 (2008)
Issue (Month): 3 (May)
Pages: 446-462

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Handle: RePEc:eee:ecmode:v:25:y:2008:i:3:p:446-462

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Web page: http://www.elsevier.com/locate/inca/30411

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References

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  1. Backus, David K. & Kehoe, Patrick J. & Kehoe, Timothy J., 1992. "In search of scale effects in trade and growth," Journal of Economic Theory, Elsevier, vol. 58(2), pages 377-409, December.
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  5. Charles I. Jones, . "Growth: With or Without Scale Effects?," Working Papers 99001, Stanford University, Department of Economics.
  6. Young, Alwyn, 1993. "Invention and Bounded Learning by Doing," Journal of Political Economy, University of Chicago Press, vol. 101(3), pages 443-72, June.
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  8. Charles I. Jones, 2004. "Growth and Ideas," NBER Working Papers 10767, National Bureau of Economic Research, Inc.
  9. Oded Galor & Omer Moav, 1998. "Ability Biased Technological Transition, Wage Inequality, and Economic Growth," Working Papers 98-14, Brown University, Department of Economics.
  10. Paul M Romer, 1999. "Increasing Returns and Long-Run Growth," Levine's Working Paper Archive 2232, David K. Levine.
  11. Aghion, Philippe & Howitt, Peter, 1992. "A Model of Growth through Creative Destruction," Econometrica, Econometric Society, vol. 60(2), pages 323-51, March.
  12. Robert J. Barro, 2012. "Inflation and Economic Growth," CEMA Working Papers 568, China Economics and Management Academy, Central University of Finance and Economics.
  13. Beavis,Brian & Dobbs,Ian, 1990. "Optimisation and Stability Theory for Economic Analysis," Cambridge Books, Cambridge University Press, number 9780521336055, October.
  14. Alwyn Young, 1998. "Growth without Scale Effects," Journal of Political Economy, University of Chicago Press, vol. 106(1), pages 41-63, February.
  15. Dixit, Avinash K & Stiglitz, Joseph E, 1975. "Monopolistic Competition and Optimum Product Diversity," The Warwick Economics Research Paper Series (TWERPS) 64, University of Warwick, Department of Economics.
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Cited by:
  1. Walter Buhr, 2009. "Infrastructure of the Market Economy," Volkswirtschaftliche Diskussionsbeiträge 132-09, Universität Siegen, Fakultät Wirtschaftswissenschaften, Wirtschaftsinformatik und Wirtschaftsrecht.

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