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Policy, Technology Adoption, and Growth

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Author Info
William Easterly
Robert King
Ross Levine
Sergio Rebelo

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Abstract

This paper describes a simple model of technology adoption which combines the two engines of growth emphasized in the recent growth literature: human capital accumulation and technological progress. Our model economy does not create new technologies, it simply adopts those that have been created elsewhere. The accumulation of human capital is closely tied to this adoption process: accumulating human capital simply means learning how to incorporate a new intermediate good into the production process. Since the adoption costs are proportional to the labor force, the model does not display the counterfactual scale effects that are standard in models with endogenous technical progress. We show that our model is compatible with various standard results on the effects of economic policy on the rate of growth.

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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 4681.

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Date of creation: Mar 1994
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Handle: RePEc:nbr:nberwo:4681

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E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

  1. Nancy L. Stokey & Sergio Rebelo, 1993. "Growth Effects of Flat-Rate Taxes," NBER Working Papers 4426, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  2. Romer, Paul M, 1986. "Increasing Returns and Long-run Growth," Journal of Political Economy, University of Chicago Press, vol. 94(5), pages 1002-37, October. [Downloadable!] (restricted)
  3. Stephen L. Parente & Edward C. Prescott, 1991. "Technology Adoption and Growth," NBER Working Papers 3733, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  4. King, Robert G. & Levine, Ross, 1993. "Finance, entrepreneurship and growth: Theory and evidence," Journal of Monetary Economics, Elsevier, vol. 32(3), pages 513-542, December. [Downloadable!] (restricted)
  5. Easterly, William & DEC, 1993. "How much do distortions affect growth?," Policy Research Working Paper Series 1215, The World Bank. [Downloadable!]
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  6. Easterly, William & Rebelo, Sergio, 1993. "Fiscal policy and economic growth: An empirical investigation," Journal of Monetary Economics, Elsevier, vol. 32(3), pages 417-458, December. [Downloadable!] (restricted)
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  7. Alwyn Young, 1991. "Learning by Doing and the Dynamic Effects of International Trade," NBER Working Papers 3577, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  8. Levhari, David & Srinivasan, T N, 1969. "Optimal Savings under Uncertainty," Review of Economic Studies, Blackwell Publishing, vol. 36(106), pages 153-63, April. [Downloadable!] (restricted)
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  11. Grossman, Gene M & Helpman, Elhanan, 1990. "Comparative Advantage and Long-run Growth," American Economic Review, American Economic Association, vol. 80(4), pages 796-815, September. [Downloadable!] (restricted)
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  12. Eaton, Jonathan, 1981. "Fiscal Policy, Inflation and the Accumulation of Risky Capital," Review of Economic Studies, Blackwell Publishing, vol. 48(3), pages 435-45, July. [Downloadable!] (restricted)
  13. Barro, Robert J, 1990. "Government Spending in a Simple Model of Endogenous Growth," Journal of Political Economy, University of Chicago Press, vol. 98(5), pages S103-26, October. [Downloadable!] (restricted)
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  14. Sala-I-Martin, X. & Barro, R.J., 1991. "Public Finance in Models of Economic Growth," Papers 640, Yale - Economic Growth Center.
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  15. Young, Alwyn, 1991. "Learning by Doing and the Dynamic Effects of International Trade," The Quarterly Journal of Economics, MIT Press, vol. 106(2), pages 369-405, May. [Downloadable!] (restricted)
  16. Goodfriend, Marvin & McDermott, John, 1995. "Early Development," American Economic Review, American Economic Association, vol. 85(1), pages 116-33, March. [Downloadable!] (restricted)
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  17. Levine, Ross & Renelt, David, 1992. "A Sensitivity Analysis of Cross-Country Growth Regressions," American Economic Review, American Economic Association, vol. 82(4), pages 942-63, September. [Downloadable!] (restricted)
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  18. Aghion, Philippe & Howitt, Peter, 1992. "A Model of Growth through Creative Destruction," Econometrica, Econometric Society, vol. 60(2), pages 323-51, March. [Downloadable!] (restricted)
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  19. Romer, Paul M, 1990. "Endogenous Technological Change," Journal of Political Economy, University of Chicago Press, vol. 98(5), pages S71-102, October. [Downloadable!] (restricted)
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  20. De Long, J Bradford & Summers, Lawrence H, 1991. "Equipment Investment and Economic Growth," The Quarterly Journal of Economics, MIT Press, vol. 106(2), pages 445-502, May. [Downloadable!] (restricted)
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  21. Rivera-Batiz, Luis A. & Romer, Paul M., 1991. "International trade with endogenous technological change," European Economic Review, Elsevier, vol. 35(4), pages 971-1001, May. [Downloadable!] (restricted)
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  22. Lucas, Robert Jr., 1988. "On the mechanics of economic development," Journal of Monetary Economics, Elsevier, vol. 22(1), pages 3-42, July. [Downloadable!] (restricted)
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Funke, Michael & Ruhwedel, Ralf, 2000. "Product Variety and Economic Growth - Empirical Evidence for the OECD Countries," CESifo Working Paper Series CESifo Working Paper No. , CESifo Group Munich. [Downloadable!]
    Other versions:
  2. Cem Ertur & Wilfried Koch, 2006. "The Role of Human Capital and Technological Interdependence in Growth and Convergence Processes: International Evidence," DEGIT Conference Papers c011_029, DEGIT, Dynamics, Economic Growth, and International Trade. [Downloadable!]
  3. Nadja Wirz, 2008. "Assessing the Role of Technology Adoption in China's Growth Performance," EPRU Working Paper Series 2008-06, Economic Policy Research Unit (EPRU), University of Copenhagen. Department of Economics. [Downloadable!]
  4. Aubhik Khan & B. Ravikumar, 2000. "Costly technology adoption and capital accumulation," Working Papers 00-7, Federal Reserve Bank of Philadelphia. [Downloadable!]
    Other versions:
  5. Ralf Ruhwedel & Michael Funke, 2005. "Export Variety and Economic Growth in East European Transition Economies," Quantitative Macroeconomics Working Papers 20502, Hamburg University, Department of Economics. [Downloadable!]
    Other versions:
  6. Jayati Bhattacharya & Ajitava Raychaudhuri, 2004. "Endogenous growth in a North-South framework with human capital accumulation and technology transfer," Journal of International Trade & Economic Development, Taylor and Francis Journals, vol. 13(1), pages 23-56, March. [Downloadable!] (restricted)
  7. Noh-Sun Kwark & Yong-Sang Shyn, 2006. "International R&D spillovers revisited: Human capital as an absorptive capacity for foreign technology," International Economic Journal, Korean International Economic Association, vol. 20(2), pages 179-196, June. [Downloadable!] (restricted)
  8. Boyan Jovanovic & Rafael Rob, 1997. "Solow vs. Solow: Machine Prices and Development," NBER Working Papers 5871, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  9. Mary Bange & William Bernhard & Jim Granato & Lauren Jones, 1997. "The effect of inflation on the natural rate of output: experimental evidence," Applied Economics, Taylor and Francis Journals, vol. 29(9), pages 1191-1199, September. [Downloadable!] (restricted)
  10. Stephen Kosempel, 2005. "Capital Mobility in an Open Economy Model with Embodied Productivity Growth," Working Papers 0506, University of Guelph, Department of Economics. [Downloadable!]
  11. Mark Bils & Peter J. Klenow, 2000. "Does Schooling Cause Growth?," American Economic Review, American Economic Association, vol. 90(5), pages 1160-1183, December. [Downloadable!] (restricted)
  12. Thorsten Wichmann, 1996. "Technology Adoption in Agriculture and Convergence across Economies," Berlecon Research Papers 0002, Berlecon Research. [Downloadable!]
  13. Charles Ka-Yui Leung & Sam Hak Kan Tang & Nicolaas Groenewold, 2005. "Growth volatility and technical progress: a simple rent-seeking model," Discussion Papers 00016, Chinese University of Hong Kong, Department of Economics. [Downloadable!]
    Other versions:
  14. Peter Howitt, 2000. "Endogenous Growth and Cross-Country Income Differences," American Economic Review, American Economic Association, vol. 90(4), pages 829-846, September. [Downloadable!] (restricted)
  15. Blanca MARTINEZ, 2002. "Adoption Costs, Age of Capital and Technological Substitution," Discussion Papers (IRES - Institut de Recherches Economiques et Sociales) 2002024, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES). [Downloadable!]
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