The endogenous growth models of Lucas (1988) and Uzawa (1965) that rely on a formal training technology to generate growth, and the endogenous technologiacl change model of Romer (1990) fit the long-run secular growth path of the US economy equally well. However, the Romer model yields significantly larger welfare cists associated with distortionary taxes on factor income. Moreover, the short-run dynamic properties of the two types of endogenous growth models are very different.
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Paper provided by Department of Economics, Florida State University in its series Working Papers with number
1997_01_01.
Find related papers by JEL classification: E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy O41 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - One, Two, and Multisector Growth Models