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Capital Mobility in an Open Economy Model with Embodied Productivity Growth

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  • Stephen Kosempel

    ()
    (Department of Economics, University of Guelph)

Abstract

The primary objective of this article is to present a framework with which to analyze development and long-run growth in a small economy. The model that is constructed can be summarized as an open economy version of the Solow-Swan growth model, in which productivity growth is embodied within the factors of production. Extending the Solow-Swan model by permitting international capital flows and trade is necessary, since the majority of the World’s economies must reasonably be considered small and open. Furthermore, restricting technological change to be embodied within capital and labor will be necessary in order for the properties of the model to coincide with recent evidence on technological change and the sources of productivity growth.

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Bibliographic Info

Paper provided by University of Guelph, Department of Economics and Finance in its series Working Papers with number 0506.

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Length: 29 pages
Date of creation: 2005
Date of revision:
Publication status: Published in Kosempel, Stephen, “Interaction Between Knowledge and Technology: A Contribution to the Theory of Development,” Canadian Journal of Economics 40(4), 1237-1260, November 2007.
Handle: RePEc:gue:guelph:2005-6

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Related research

Keywords: Convergence; Capital Mobility; Embodied Technological Change;

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References

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  1. Mankiw, N Gregory & Romer, David & Weil, David N, 1992. "A Contribution to the Empirics of Economic Growth," The Quarterly Journal of Economics, MIT Press, vol. 107(2), pages 407-37, May.
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  6. Gort, M. & Greenwood, J. & Rupert, P., 1998. "Measuring the Rate of Technological Progress in Structures," RCER Working Papers 457, University of Rochester - Center for Economic Research (RCER).
  7. Easterly, William & King, Robert G & Levine, Ross & Rebelo, Sérgio, 1994. "Policy, Technology Adoption and Growth," CEPR Discussion Papers 957, C.E.P.R. Discussion Papers.
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  10. Greenwood, Jeremy & Hercowitz, Zvi & Krusell, Per, 2000. "The role of investment-specific technological change in the business cycle," European Economic Review, Elsevier, vol. 44(1), pages 91-115, January.
  11. Nancy L Stokey, 1986. "Learning-by-Doing and the Introduction of New Goods," Discussion Papers 699, Northwestern University, Center for Mathematical Studies in Economics and Management Science, revised May 1987.
  12. Milbourne, Ross, 1997. "Growth, Capital Accumulation and Foreign Debt," Economica, London School of Economics and Political Science, vol. 64(253), pages 1-13, February.
  13. Swan, Trevor W, 2002. "Economic Growth," The Economic Record, The Economic Society of Australia, vol. 78(243), pages 375-80, December.
  14. Zind, Richard G., 1991. "Income convergence and divergence within and between LDC groups," World Development, Elsevier, vol. 19(6), pages 719-727, June.
  15. Huw Lloyd-Ellis & Joanne Roberts, 2000. "Twin Engines of Growth," Working Papers jorob-00-02, University of Toronto, Department of Economics.
  16. Eicher, Theo S, 1996. "Interaction between Endogenous Human Capital and Technological Change," Review of Economic Studies, Wiley Blackwell, vol. 63(1), pages 127-44, January.
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