A Fully Neoclassical Model with Endogenous Growth
AbstractThis paper presents a simple Neoclassical Growth Model in which technological change is endogenous, despite its simple structure and reliance on all standard Neoclassical assumptions. The only relevant difference between this model and the most popular original models is that firms pursue an inter-temporal optimization, which assures that their current decisions affect their future productivity. As a consequence, to invest in technology becomes a rational decision of firms. Therefore, this model stresses another intuitively important source of technical progress and endogenous growth, inter-temporal links among decisions by firms in their struggle to become relatively more efficient.
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Bibliographic InfoPaper provided by Datamétrica Consultoria Econômica in its series Working Papers with number 30.
Length: 33 pages
Date of creation: 2001
Date of revision: 2001
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Endogenous growth; Neoclassical growth; endogenous technological change.;
Find related papers by JEL classification:
- O30 - Economic Development, Technological Change, and Growth - - Technological Change; Research and Development; Intellectual Property Rights - - - General
- O41 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - One, Two, and Multisector Growth Models
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