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Endogenous Growth: Analytical Review of its Generating Mechanisms

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Author Info
Maria João Ribeiro () (Universidade do Minho)
Abstract

This paper consists of an analytical review of the most relevant endogenous growth models. The objective of this literature review is to discuss analytically and understand, in an integrated form, the main mechanisms, identified in the existing literature, that generate endogenous growth. Endogenous or new growth theory has, so far, produced three main types of mechanisms through which endogenous sustained positive economic growth is made possible. One strategy brings a theory of innovations or R&D into the growth model. In this type of model, endogenously determined technological progress is the engine of economic growth. The second mechanism delivers sustained positive growth through the introduction of an endogenously determined accumulation of human capital. In this kind of model, the source of long-run per-capita growth is human capital accumulation. And a third way to obtain endogenous growth is simply to abandon one of the standard assumptions of the neoclassical model, more precisely the assumption of diminishing returns to capital.

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Paper provided by NIPE - Universidade do Minho in its series NIPE Working Papers with number 4/2003.

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Date of creation: 2003
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Handle: RePEc:nip:nipewp:4/2003

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Postal: Núcleo de Investigação em Políticas Económicas, Escola de Economia e Gestão, Universidade do Minho, P-4710-057 Braga, Portugal
Phone: +351-253604510 ext 5532
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Related research
Keywords: non-diminishing returns to capital endogenous growth research and development (R&D) human capital accumulation Inada conditions.

Find related papers by JEL classification:
O0 - Economic Development, Technological Change, and Growth - - General
O4 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity
D4 - Microeconomics - - Market Structure and Pricing
D9 - Microeconomics - - Intertemporal Choice and Growth

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