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Endogenous Growth Through Government Policy

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Author Info
Chetan Ghate (Claremont Graduate University)
Paul J. Zak (Claremont Graduate University)

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Abstract

This paper illustrates two reasonable political decision mechanisms by which fiscal policy generates endogenous growth under a constant returns to scale production technology, absent externalities. Based on the dynamics induced by various policy choices, we demonstrate that policies that maximize capital deepening generate balanced growth and are Pareto optimal. In contrast, policies chosen by the median voter produce balanced growth, but are suboptimal.

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Paper provided by Claremont Colleges in its series Claremont Colleges Working Papers with number 2000-18.

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Handle: RePEc:clm:clmeco:2000-18

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Related research
Keywords: public investment; positive political economy; median voter theorem; endogenous growth;

Find related papers by JEL classification:
P16 - Economic Systems - - Capitalist Systems - - - Political Economy of Capitalism
E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy
O40 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General

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This page was last updated on 2009-11-27.

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