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Rethinking the Concept of Long-Run Economic Growth

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  • Christian Groth

    (Department of Economics, University of Copenhagen)

  • Karl-Josef Koch

    (Siegen University)

  • Thomas M. Steger

    (ETH Zürich)

Abstract

This paper argues that growth theory needs a more general “regularity” concept than that of exponential growth. This opens up for considering a richer set of parameter combinations than in standard growth models. Allowing zero population growth in the Jones (1995) model serves as our illustration of the usefulness of a general concept of “regular growth”.

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Bibliographic Info

Paper provided by University of Copenhagen. Department of Economics in its series Discussion Papers with number 06-06.

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Length: 8 pages
Date of creation: Mar 2006
Date of revision:
Handle: RePEc:kud:kuiedp:0606

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Keywords: exponential growth; arithmetic growth; regular growth; semi-endogenous growth; knife-edge restrictions;

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References

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  1. Asheim, Geir B. & Buchholz, Wolfgang & Hartwick, John M. & Mitra, Tapan & Withagen, Cees, 2007. "Constant savings rates and quasi-arithmetic population growth under exhaustible resource constraints," Journal of Environmental Economics and Management, Elsevier, vol. 53(2), pages 213-229, March.
  2. Mitra, Tapan, 1983. "Limits on Population Growth under Exhaustible Resource Constraints," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 24(1), pages 155-68, February.
  3. Jones, Charles I, 1995. "R&D-Based Models of Economic Growth," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 103(4), pages 759-84, August.
  4. Hartwick, John M, 1977. "Intergenerational Equity and the Investing of Rents from Exhaustible Resources," American Economic Review, American Economic Association, American Economic Association, vol. 67(5), pages 972-74, December.
  5. Alvarez-Pelaez, Maria J. & Groth, Christian, 2005. "Too little or too much R&D?," European Economic Review, Elsevier, Elsevier, vol. 49(2), pages 437-456, February.
  6. R. M. Solow, 1973. "Intergenerational Equity and Exhaustable Resources," Working papers, Massachusetts Institute of Technology (MIT), Department of Economics 103, Massachusetts Institute of Technology (MIT), Department of Economics.
  7. Robert M. Solow, 1994. "Perspectives on Growth Theory," Journal of Economic Perspectives, American Economic Association, American Economic Association, vol. 8(1), pages 45-54, Winter.
  8. Jones, Charles I., 2005. "Growth and Ideas," Handbook of Economic Growth, Elsevier, in: Philippe Aghion & Steven Durlauf (ed.), Handbook of Economic Growth, edition 1, volume 1, chapter 16, pages 1063-1111 Elsevier.
  9. John C. V. Pezzey, 2002. "Exact Measures of Income in a Hyperbolic Economy," Economics and Environment Network Working Papers, Australian National University, Economics and Environment Network 0203, Australian National University, Economics and Environment Network.
  10. Alwyn Young, 1998. "Growth without Scale Effects," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 106(1), pages 41-63, February.
  11. Paul Romer, 1989. "Endogenous Technological Change," NBER Working Papers 3210, National Bureau of Economic Research, Inc.
  12. Lutz G. Arnold, 2006. "The Dynamics of the Jones R&D Growth Model," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 9(1), pages 143-152, January.
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Cited by:
  1. Bazhanov, Andrei, 2008. "Maximin-optimal sustainable growth in a resource-based imperfect economy," MPRA Paper 16245, University Library of Munich, Germany, revised 13 Jul 2009.
  2. repec:ebl:ecbull:v:6:y:2007:i:35:p:1-11 is not listed on IDEAS
  3. Bazhanov, Andrei, 2010. "Constant-utility paths in a resource-based economy," MPRA Paper 27619, University Library of Munich, Germany, revised 20 Dec 2010.
  4. Benteng ZOU & Patrice Pieretti, 2007. "An Extended Solow Growth Model with Emigration: Transitional Dynamics and Skills Complementarity," Economics Bulletin, AccessEcon, vol. 6(35), pages 1-11.
  5. Andrei V. Bazhanov, 2008. "Maximin-optimal sustainable growth with nonrenewable resource and externalities," EERI Research Paper Series EERI_RP_2008_11, Economics and Econometrics Research Institute (EERI), Brussels.

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