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Economic Performance Through Time: A General Equilibrium Model

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  • WENLI CHENG

    ()
    (Department of Economics, Monash University, 900 Dandenong Road, Caulfield vie 3145, Australia)

  • XIAONAN ZHAO

    ()
    (Department of Economics, Room 303, Yiyuan Building, Renmin University of China, Haidian District, Beijing 100872, P.R. China)

Abstract

This paper presents a simple general equilibrium model of economic performance through time. The model incorporates four main determinants of economic performance: technology, capital investment, the division of labor and quality of institutions. It demonstrates that growth is not automatic even with technological progress. In order to maintain economic growth, it is important to continuously implement new technologies through capital investment. It also shows that institutional improvement promotes the social division of labor, which is an independent source of economic growth.

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Bibliographic Info

Article provided by World Scientific Publishing Co. Pte. Ltd. in its journal Division of Labor & Transaction Costs.

Volume (Year): 03 (2008)
Issue (Month): 01 ()
Pages: 7-16

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Handle: RePEc:wsi:dltcxx:v:03:y:2008:i:01:p:7-16

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Keywords: Economic growth; savings and investment; transaction costs; division of labor; institutions;

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  1. J. Bradford De Long & Lawrence H. Summers, 1990. "Equipment Investment and Economic Growth," NBER Working Papers 3515, National Bureau of Economic Research, Inc.
  2. North, Douglass C, 1987. "Institutions, Transaction Costs and Economic Growth," Economic Inquiry, Western Economic Association International, Western Economic Association International, vol. 25(3), pages 419-28, July.
  3. Grossman, Gene M & Helpman, Elhanan, 1991. "Quality Ladders in the Theory of Growth," Review of Economic Studies, Wiley Blackwell, Wiley Blackwell, vol. 58(1), pages 43-61, January.
  4. Aghion, P. & Howitt, P., 1990. "A Model Of Growth Through Creative Destruction," DELTA Working Papers, DELTA (Ecole normale supérieure) 90-12, DELTA (Ecole normale supérieure).
  5. Hicks, J. R., 1969. "A Theory of Economic History," OUP Catalogue, Oxford University Press, Oxford University Press, number 9780198811633, October.
  6. Romer, Paul M, 1987. "Growth Based on Increasing Returns Due to Specialization," American Economic Review, American Economic Association, American Economic Association, vol. 77(2), pages 56-62, May.
  7. Aghion, Philippe & Howitt, Peter, 1992. "A Model of Growth Through Creative Destruction," Scholarly Articles 12490578, Harvard University Department of Economics.
  8. J. Bradford DeLong & Lawrence H. Summers, 1992. "Equipment Investment and Economic Growth: How Strong Is the Nexus?," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 23(2), pages 157-212.
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