The Role of Knowledge and Capital in Economic Growth
AbstractStarting from the celebrated neoclassical (Solow) model of economic growth, this paper discusses new ideas in growth theory focussing on how to make sustained growth feasible. It first reviews models that broadened the notion of capital to include human capital and the state of technology. These extensions of the neoclassical theory are not very satisfying at a descriptive level because productivity growth is associated with either human or physical capital accumulation in a way that does not interact with the invention of new technologies. The paper surveys models which make techn ological progress endogenous by allowing firms to undertake investment aimed either at producing new goods or at developing new production methods. Economic growth is shown to depend positively on the size of the market.
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Bibliographic InfoPaper provided by World Institute for Development Economics Research in its series Research Paper with number 149.
Length: 23 pages
Date of creation: 1998
Date of revision:
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Postal: United Nations University; World Institute for Development Economics Research, Katajanokanlaituri 6B, 00160 Helsinki
Web page: http://www.wider.unu.edu/
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TECHNOLOGY ; ECONOMIC GROWTH;
Find related papers by JEL classification:
- O41 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - One, Two, and Multisector Growth Models
- O47 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Measurement of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence
- O33 - Economic Development, Technological Change, and Growth - - Technological Change; Research and Development; Intellectual Property Rights - - - Technological Change: Choices and Consequences; Diffusion Processes
- O32 - Economic Development, Technological Change, and Growth - - Technological Change; Research and Development; Intellectual Property Rights - - - Management of Technological Innovation and R&D
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