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Economic Growth, a Golden Rule of Thumb, and Learning by Doing

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Author Info
Thomas Christiaans ()
Abstract

A simple rule of thumb which has been successfully used in the basic neoclassical growth model as an alternative to the unstable dynamic optimization solution is shown to be more generally applicable in a non-scale growth model with learning by doing. The model is formulated in accordance with empirical regularities about learning by doing and shown to generate the stylized facts about economic growth reasonably well. The external effects of learning by doing can be internalized by the steady state tax cum subsidy policy implied by a decentralized dynamic optimization approach.

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Paper provided by Universität Siegen, Fachbereich Wirtschaftswissenschaften, Wirtschaftsinformatik und Wirtschaftsrecht in its series Volkswirtschaftliche Diskussionsbeitraege with number 95-01.

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Length: 27 pages
Date of creation: Mar 2001
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Handle: RePEc:sie:siegen:95-01

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Web page: http://www.uni-siegen.de/fb5/vwl/research/diskussionsbeitraege/

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Find related papers by JEL classification:
O41 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - One, Two, and Multisector Growth Models
O30 - Economic Development, Technological Change, and Growth - - Technological Change - - - General
D90 - Microeconomics - - Intertemporal Choice and Growth - - - General

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  1. 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)
  2. Brock, William A. & Scheinkman, JoseA., 1976. "Global asymptotic stability of optimal control systems with applications to the theory of economic growth," Journal of Economic Theory, Elsevier, vol. 12(1), pages 164-190, February. [Downloadable!] (restricted)
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  3. Martin Browning & Annamaria Lusardi, 1996. "Household Saving: Micro Theories and Micro Facts," Discussion Papers 96-01, University of Copenhagen. Department of Economics.
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  4. Cass, David & Shell, Karl, 1976. "The structure and stability of competitive dynamical systems," Journal of Economic Theory, Elsevier, vol. 12(1), pages 31-70, February. [Downloadable!] (restricted)
  5. Jones, Charles I, 1995. "R&D-Based Models of Economic Growth," Journal of Political Economy, University of Chicago Press, vol. 103(4), pages 759-84, August. [Downloadable!] (restricted)
  6. Klenow, Peter J. & Rodriguez-Clare, Andres, 1997. "Economic growth: A review essay," Journal of Monetary Economics, Elsevier, vol. 40(3), pages 597-617, December. [Downloadable!] (restricted)
  7. Mankiw, N Gregory & Romer, David & Weil, David N, 1992. "A Contribution to the Empirics of Economic Growth," The Quarterly Journal of Economics, MIT Press, vol. 107(2), pages 407-37, May. [Downloadable!] (restricted)
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  8. Bardhan, Pranab K, 1971. "On Optimum Subsidy to a Learning Industry: An Aspect of the Theory of Infant-Industry Protection," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 12(1), pages 54-70, February. [Downloadable!] (restricted)
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  9. Krusell, Per & Smith, Anthony Jr., 1996. "Rules of thumb in macroeconomic equilibrium A quantitative analysis," Journal of Economic Dynamics and Control, Elsevier, vol. 20(4), pages 527-558, April. [Downloadable!] (restricted)
  10. Walter Buhr & Thomas Christiaans, 2000. "Economic Decisions by Approved Principles: Rules of Thumb as Behavioral Guidelines," Volkswirtschaftliche Diskussionsbeitraege 89-00, Universität Siegen, Fachbereich Wirtschaftswissenschaften, Wirtschaftsinformatik und Wirtschaftsrecht.
  11. Marvin B. Lieberman, 1984. "The Learning Curve and Pricing in the Chemical Processing Industries," RAND Journal of Economics, The RAND Corporation, vol. 15(2), pages 213-228, Summer. [Downloadable!] (restricted)
  12. Eicher, Theo S & Turnovsky, Stephen J, 1999. "Non-scale Models of Economic Growth," Economic Journal, Royal Economic Society, vol. 109(457), pages 394-415, July. [Downloadable!] (restricted)
  13. Michele Boldrin & Jose A. Scheinkman, 1988. "Learning-By-Doing, International Trade and Growth: A Note," UCLA Economics Working Papers 462, UCLA Department of Economics. [Downloadable!]
  14. 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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