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exposita notes : Endogenous technological change: a note on stability

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Author Info
Lutz G. Arnold () (Department of Economics, University of Dortmund, Vogelpothsweg 87, D-44227 Dortmund, GERMANY)

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Abstract

This paper demonstrates that the steady-state solution of the optimal-growth problem in Romer's (1990) model of endogenous technological change is globally saddle-point stable. Surprisingly, the proof of this result is trivial. Interest in the optimal growth path is justified by the fact that there is a (unique) combination of production and R&D subsidies by means of which the optimal growth path is attained as a market equilibrium.

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Publisher Info
Article provided by Springer in its journal Economic Theory.

Volume (Year): 16 (2000)
Issue (Month): 1 ()
Pages: 219-226
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Handle: RePEc:spr:joecth:v:16:y:2000:i:1:p:219-226

Note: Received: October 6, 1998; revised version: April 19, 1999
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Related research
Keywords: R&D; Endogenous growth; Saddle-point stability; Transitional dynamics.;

Find related papers by JEL classification:
O41 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - One, Two, and Multisector Growth Models

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