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Capital Accumulation and Innovation as Complementary Factors in Long-Run Growth

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Author Info
 Howitt, Peter
Aghion, Philippe

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Abstract

We study capital accumulation and innovation as determinants of long-run growth by adding capital to our earlier model of creative destruction. No special functional forms are imposed on the aggregate production function. The equations describing perfect foresight equilibrium are identical to those of the augmented Ramsey-Cass-Koopmans model, except that the rate of technological change is a function of the stock of capital per effective worker. Contrary to previous models, a subsidy to capital accumulation will raise the long-run growth rate. The key assumption is that capital is used in R and D. Some evidence is presented on the capital intensity of R and D. Copyright 1998 by Kluwer Academic Publishers

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Publisher Info
Article provided by Springer in its journal Journal of Economic Growth.

Volume (Year): 3 (1998)
Issue (Month): 2 (June)
Pages: 111-30
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Handle: RePEc:kap:jecgro:v:3:y:1998:i:2:p:111-30

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  3. M. Ayhan Kose & Eswar Prasad & Marco Terrones, 2008. "Does Openness to International Financial Flows Raise Productivity Growth?," IMF Working Papers 08/242, International Monetary Fund. [Downloadable!]
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  4. Maria Fuensanta Morales, 2000. "Financial Intermediation in a Model of Growth Through Creative Destruction," Econometric Society World Congress 2000 Contributed Papers 0914, Econometric Society. [Downloadable!]
  5. Maria Fuensanta Morales, 2001. "Research Policy and Endogenous Growth," UFAE and IAE Working Papers 488.01, Unitat de Fonaments de l'Anàlisi Econòmica (UAB) and Institut d'Anàlisi Econòmica (CSIC). [Downloadable!]
  6. Maria Fuensanta Morales, 2001. "Financial Intermediation in a Model of Growth through Creative Destruction," UFAE and IAE Working Papers 487.01, Unitat de Fonaments de l'Anàlisi Econòmica (UAB) and Institut d'Anàlisi Econòmica (CSIC). [Downloadable!]
  7. de la Croix, David & Boucekkine, Raouf, 2000. "Information technologies, embodiment and growth," Discussion Papers (IRES - Institut de Recherches Economiques et Sociales) 2001006, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES). [Downloadable!]
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  8. Marcus Hagedorn & Ashok Kaul & Volker Reinthaler, 2007. "Welfare Analysis in a Schumpeterian Growth Model with Capital," Economics Bulletin, Economics Bulletin, vol. 15(7), pages 1-6. [Downloadable!]
  9. Carolyn Sissoko, 2002. "Short-Term Credit: A Monetary Channel Linking Finance to Growth," Occidental Economics Working Papers 8, Occidental College, Department of Economics, revised Jun 2006. [Downloadable!]
  10. Andrew Copus & Dimitris Skuras & Kyriaki Tsegenidi, 2006. "Innovation and Peripherality: A Comparative Study in Six EU Member Countries," ERSA conference papers ersa06p295, European Regional Science Association. [Downloadable!]
  11. Peter Howitt & David Mayer-Foulkes, 2002. "R&D, Implementation and Stagnation: A Schumpeterian Theory of Convergence Clubs," NBER Working Papers 9104, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  12. Philippe Aghion & Diego Comin & Peter Howitt, 2006. "When Does Domestic Saving Matter for Economic Growth?," DEGIT Conference Papers c011_030, DEGIT, Dynamics, Economic Growth, and International Trade. [Downloadable!]
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  13. Hiau Looi Kee & Chen, Derek H. C., 2005. "A model on knowledge and endogenous growth," Policy Research Working Paper Series 3539, The World Bank. [Downloadable!]
  14. Christian Groth & Poul Schou, 2004. "Capital Taxation, Growth, and Non-renewable Resources," EPRU Working Paper Series 04-16, Economic Policy Research Unit (EPRU), University of Copenhagen. Department of Economics. [Downloadable!]
  15. Klaus WAELDE, 2002. "Capital accumulation in a model of growth and creative destruction," Discussion Papers (IRES - Institut de Recherches Economiques et Sociales) 2002038, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES). [Downloadable!]
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  16. Peter Howitt, 2004. "Endogenous Growth, Productivity and Economic Policy: A Progress Report," International Productivity Monitor, Centre for the Study of Living Standards, vol. 8, pages 3-15, Spring. [Downloadable!]
  17. Irmen, Andreas, . "Capital Accumulation, Factor Prices and Endogenous Labor-Saving Technical Change," IVS discussion paper series 607, Institut für Volkswirtschaft und Statistik (IVS), University of Mannheim. [Downloadable!]
  18. Raouf Boucekkine & Fernando del Río & Omar Licandro, . "Obsolescence Vs modernization in a Schumpeterian vintage capital model," Working Papers 2000-27, FEDEA. [Downloadable!]
  19. Vincent BODART & Paul REDING, 2001. "Do Foreign Exchange Markets Matter Dor Industry Stock Returns ? An empirical investigation," Discussion Papers (IRES - Institut de Recherches Economiques et Sociales) 2001016, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES). [Downloadable!]
  20. Peter Howitt, 2000. "Endogenous Growth and Cross-Country Income Differences," American Economic Review, American Economic Association, vol. 90(4), pages 829-846, September. [Downloadable!] (restricted)
  21. Boyan Jovanovic & Peter L. Rousseau, 2002. "Moore's Law and Learning-By-Doing," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 5(2), pages 346-375, April. [Downloadable!] (restricted)
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  22. Jinli Zeng, 2002. "Reexamining the Interaction between Innovation and Capital Accumulation," Departmental Working Papers wp0203, National University of Singapore, Department of Economics. [Downloadable!]
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