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Endogenous Growth when Firms and Consumers Behave Rationally in a Neoclassical Framework

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  • Alexandre Rands

    ()
    (Universidade Federal de Pernambuco)

Abstract

This paper presents a simple Neoclassical Growth Model in which technological change is endogenous and saving behaviour affects long-term equilibrium growth, despite its simple structure and reliance on all standard Neoclassical assumptions. The only relevant difference between this model and the standard models is that firms pursue an inter-temporal optimisation, which assures that their current decisions affect their future productivity. As a consequence, to invest in technology becomes a rational decision of firms. This simple improvement endows the Neoclassical Model to overcome two of its major shortcomings as pointed out in the literature.

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Bibliographic Info

Paper provided by Datamétrica Consultoria Econômica in its series Working Papers with number 59.

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Length: 33 pages
Date of creation: 2006
Date of revision: 2006
Handle: RePEc:dtm:wpaper:59

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Keywords: Endogenous growth; Neoclassical growth; endogenous technological change;

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