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Using and producing ideas in computable endogenous growth

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  • K. Vela Velupillai

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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 Department of Economics, University of Trento, Italia in its series Department of Economics Working Papers with number 0516.

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    Date of creation: 2005
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    Handle: RePEc:trn:utwpde:0516

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    Keywords: endogenous growth; algorithmic ideas; computable growth;

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    1. Romer, Paul, 1993. "Idea gaps and object gaps in economic development," Journal of Monetary Economics, Elsevier, vol. 32(3), pages 543-573, December.
    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. Vela Velupillai, K., 2002. "Effectivity and constructivity in economic theory," Journal of Economic Behavior & Organization, Elsevier, vol. 49(3), pages 307-325, November.
    4. Swan, Trevor W, 2002. "Economic Growth," The Economic Record, The Economic Society of Australia, vol. 78(243), pages 375-80, December.
    5. 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.
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