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Increasing Returns and New Developments in the Theory of Growth

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  • Paul M. Romer

Abstract

From the beginning, growth theory has been faced with technically challenging questions about increasing returns and the way to capture ideas in a model of market exchange. Initially, reliance on perfect competition forced growth theory to narrow its scope. Recently, new tools for studying dynamic equilibria with nonconvexities, externalities, and imperfect competition have allowed growth theory to address broader questions like: Why have growth rates tended to increase over time? Why is it that flows of capital are not sufficient to equalize wages in different countries? How is it that trade policy, or aggregate research and development expenditure, or the extent of patent protection influences the rate of growth?

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Bibliographic Info

Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 3098.

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Date of creation: Sep 1989
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Publication status: published as Equilibrium Theory and Applications: Proceedings of the Sixth International Symposium in Economic Theory and Econometrics, edited by William A. Barnett, Bernard Cornet, Claude d'Aspermont, Jean J. Gabszewicz and Andreu Mas-Colell, pp. 83-110. Cambridge: Cambridge University Press, 1991.
Handle: RePEc:nbr:nberwo:3098

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  1. Young, Allyn A., 1928. "Increasing Returns and Economic Progress," History of Economic Thought Articles, McMaster University Archive for the History of Economic Thought, vol. 38, pages 527-542.
  2. Aghion, Philippe & Howitt, Peter, 1992. "A Model of Growth through Creative Destruction," Econometrica, Econometric Society, vol. 60(2), pages 323-51, March.
  3. T. W. Swan, 1956. "ECONOMIC GROWTH and CAPITAL ACCUMULATION," The Economic Record, The Economic Society of Australia, vol. 32(2), pages 334-361, November.
  4. Xie, Danyang, 1991. "Increasing Returns and Increasing Rates of Growth," Journal of Political Economy, University of Chicago Press, vol. 99(2), pages 429-35, April.
  5. Swan, Trevor W, 2002. "Economic Growth," The Economic Record, The Economic Society of Australia, vol. 78(243), pages 375-80, December.
  6. Dixit, Avinash K & Stiglitz, Joseph E, 1977. "Monopolistic Competition and Optimum Product Diversity," American Economic Review, American Economic Association, vol. 67(3), pages 297-308, June.
  7. Lucas, Robert Jr., 1988. "On the mechanics of economic development," Journal of Monetary Economics, Elsevier, vol. 22(1), pages 3-42, July.
  8. Robert Wilson, 1975. "Informational Economies of Scale," Bell Journal of Economics, The RAND Corporation, vol. 6(1), pages 184-195, Spring.
  9. Ethier, Wilfred J, 1982. "National and International Returns to Scale in the Modern Theory of International Trade," American Economic Review, American Economic Association, vol. 72(3), pages 389-405, June.
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Cited by:
  1. Hugo Erken & Piet Donselaar & Roy Thurik, 2008. "Total factor productivity and the role of entrepreneurship," Jena Economic Research Papers 2008-019, Friedrich-Schiller-University Jena, Max-Planck-Institute of Economics.
  2. Edna Maria Villarreal Peralta, 2011. "Rendimientos sociales de la educación en México 2005-2010," Investigaciones de Economía de la Educación volume 6, in: Antonio Caparrós Ruiz (ed.), Investigaciones de Economía de la Educación 6, edition 1, volume 6, chapter 55, pages 898-916 Asociación de Economía de la Educación.
  3. Uday Bhanu Sinha, 2001. "Patent Protection, Innovation Rate and Welfare," Departmental Working Papers wp0106, National University of Singapore, Department of Economics.
  4. Guillaume Daudin, 2006. "Do Frontiers give or do frontiers take ? The case of intercontinental trade in France at the end of the Ancien Régime," Sciences Po publications info:hdl:2441/5l6uh8ogmqi, Sciences Po.
  5. repec:dgr:uvatin:2009034 is not listed on IDEAS
  6. repec:dgr:uvatin:0000034 is not listed on IDEAS
  7. A. Arrighetti & G. Seravalli, 1998. "Sviluppo economico, convergenza e istituzioni intermedie," Economics Department Working Papers 1998-EP08, Department of Economics, Parma University (Italy).
  8. Kaies Samet & Frédéric Teulon, 2014. "Creative intelligence," Working Papers 2014-362, Department of Research, Ipag Business School.
  9. Bednarik, Radek & Filipova, Lenka, 2009. "The role of religion and political regime for human capital and economic development," MPRA Paper 14556, University Library of Munich, Germany.

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