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Using and Producing Ideas in Computable Endogenous Growth

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  • K. Vela Velupillai

    (Department of Economics, National University of Ireland, Galway)

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    Abstract

    It is shown that Paul Romer's suggestion to model algorithmically the use and production of ideas in an endogenous growth model is formally feasible. Such a modelling exercise imparts a natural evolutionary flavour to growth models. However, it is also shown that the policy implications are formally indeterminate in a precise and effective sense.

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    Bibliographic Info

    Paper provided by National University of Ireland Galway, Department of Economics in its series Working Papers with number 0097.

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    Date of creation: 2005
    Date of revision: 2005
    Handle: RePEc:nig:wpaper:0097

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    Related research

    Keywords: endogenous growth; algorithmic ideas; computable growth;

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    References

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    1. Kumaraswamy Velupillai, 2003. "Essays on computable economics, methodology and the philosophy of science," Department of Economics Working Papers 0308, Department of Economics, University of Trento, Italia.
    2. T. W. Swan, 1956. "ECONOMIC GROWTH and CAPITAL ACCUMULATION," The Economic Record, The Economic Society of Australia, vol. 32(2), pages 334-361, November.
    3. Romer, Paul, 1993. "Idea gaps and object gaps in economic development," Journal of Monetary Economics, Elsevier, vol. 32(3), pages 543-573, December.
    4. Swan, Trevor W, 2002. "Economic Growth," The Economic Record, The Economic Society of Australia, vol. 78(243), pages 375-80, December.
    5. Vela Velupillai, K., 2002. "Effectivity and constructivity in economic theory," Journal of Economic Behavior & Organization, Elsevier, vol. 49(3), pages 307-325, November.
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