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An Endogenous Growth Model with Embodied Technical Change without Scale Effects

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  • Bianco, Dominique

Abstract

In this paper, we extend the Romer90 model by introducing an embodied technological change and by removing the scale effects. We show that this model can still generate steady state growth in which the embodied technical change has an positive and permanent effect on growth in the long-run.

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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 6571.

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Date of creation: 10 Nov 2007
Date of revision: 04 Jan 2008
Handle: RePEc:pra:mprapa:6571

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Keywords: Endogenous growth; Information technology; Embodied technical change; Scale effects;

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  1. BOUCEKKINE, Raouf & del RIO, Fernando & LICANDRO, Omar, 2002. "Obsolescence and modernization in the growth process," CORE Discussion Papers, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE) 2002067, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  2. Greenwood, Jeremy & Hercowitz, Zvi & Krusell, Per, 1997. "Long-Run Implications of Investment-Specific Technological Change," American Economic Review, American Economic Association, American Economic Association, vol. 87(3), pages 342-62, June.
  3. Philippe Aghion & Peter Howitt, 1990. "A Model of Growth Through Creative Destruction," NBER Working Papers 3223, National Bureau of Economic Research, Inc.
  4. Hsieh, Chang-Tai, 2001. "Endogenous growth and obsolescence," Journal of Development Economics, Elsevier, Elsevier, vol. 66(1), pages 153-171, October.
  5. Omar LICANDRO & Javier RUIZ-CASTILLO & Jorge DURAN, 2002. "The Measurement of Growth under Embodied Technical Change," Discussion Papers (REL - Recherches Economiques de Louvain), Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES) 2002011, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES).
  6. Paul Romer, 1989. "Endogenous Technological Change," NBER Working Papers 3210, National Bureau of Economic Research, Inc.
  7. Aghion, Philippe & Howitt, Peter, 1992. "A Model of Growth Through Creative Destruction," Scholarly Articles 12490578, Harvard University Department of Economics.
  8. BOUCEKKINE, Raouf & DE LA CROIX, David & VAILAKIS, Yiannis, . "Technological shocks and IT revolutions," CORE Discussion Papers RP, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE) -1646, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  9. 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.
  10. Hercowitz, Zvi, 1998. "The 'embodiment' controversy: A review essay," Journal of Monetary Economics, Elsevier, Elsevier, vol. 41(1), pages 217-224, February.
  11. Elias Dinopoulos & Peter Thompson, 1999. "Scale effects in Schumpeterian models of economic growth," Journal of Evolutionary Economics, Springer, Springer, vol. 9(2), pages 157-185.
  12. Krusell, Per, 1998. " Investment-Specific R&D and the Decline in the Relative Price of Capital," Journal of Economic Growth, Springer, Springer, vol. 3(2), pages 131-41, June.
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