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Endogeneity, Knowledge and Dynamics of Long Run Capitalist Economic Growth

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    Abstract

    The revival of interest in economic growth and technological leadership issues has resulted in the re-examination of the theoretical foundations of the economics of growth. The neoclassical concerns with steady state paths and neo-Keynesian focus on short-term issues have remained intact in this process. However the 'new economics of growth' extensions proposed by Lucas (1988) and Romer (1986) and attempts by Scott (1989) to explain technological progress, do not address Arrow's (1962) concerns or explain Kuznet's (1957) and Maddison's (1991) empirical telescoping of the economic growth experience of the last two hundred years. This paper attempts to address some of these issues by developing a model which adopts Aghion and Howitt's (1992) suggestion to examine endogenous growth in the form of technological innovation in monopolistic capital goods production.

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    File URL: http://www.uow.edu.au/content/groups/public/@web/@commerce/@econ/documents/doc/uow012094.pdf
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    Paper provided by School of Economics, University of Wollongong, NSW, Australia in its series Economics Working Papers with number wp00-03.

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    Length: 20 pages
    Date of creation: 2000
    Date of revision:
    Handle: RePEc:uow:depec1:wp00-03

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    Postal: School of Economics, University of Wollongong, Northfields Avenue, Wollongong NSW 2522 Australia
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    Web page: http://business.uow.edu.au/econ/index.html
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    Keywords: ECONOMIC GROWTH ; ECONOMIC THEORY ; TECHNOLOGY;

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    1. Paul M Romer, 1999. "Increasing Returns and Long-Run Growth," Levine's Working Paper Archive 2232, David K. Levine.
    2. Barro, R.J., 1988. "Government Spending In A Simple Model Of Endogenous Growth," RCER Working Papers 130, University of Rochester - Center for Economic Research (RCER).
    3. Christensen, Laurits R & Jorgenson, Dale W & Lau, Lawrence J, 1973. "Transcendental Logarithmic Production Frontiers," The Review of Economics and Statistics, MIT Press, vol. 55(1), pages 28-45, February.
    4. Lucas, Robert Jr., 1988. "On the mechanics of economic development," Journal of Monetary Economics, Elsevier, vol. 22(1), pages 3-42, July.
    5. Philippe Aghion & Peter Howitt, 1990. "A Model of Growth Through Creative Destruction," NBER Working Papers 3223, National Bureau of Economic Research, Inc.
    6. Robert M. Solow, 1994. "Perspectives on Growth Theory," Journal of Economic Perspectives, American Economic Association, vol. 8(1), pages 45-54, Winter.
    7. Swan, Trevor W, 2002. "Economic Growth," The Economic Record, The Economic Society of Australia, vol. 78(243), pages 375-80, December.
    8. Mundlak, Yair, 1993. "On the Empirical Aspects of Economic Growth Theory," American Economic Review, American Economic Association, vol. 83(2), pages 415-20, May.
    9. Sergio Rebelo, 1999. "Long Run Policy Analysis and Long Run Growth," Levine's Working Paper Archive 2114, David K. Levine.
    10. Jones, Larry E & Manuelli, Rodolfo E, 1990. "A Convex Model of Equilibrium Growth: Theory and Policy Implications," Journal of Political Economy, University of Chicago Press, vol. 98(5), pages 1008-38, October.
    11. Young, Allyn A., 1928. "Increasing Returns and Economic Progress," History of Economic Thought Articles, McMaster University Archive for the History of Economic Thought, vol. 38, pages 527-542.
    12. Blanchard, Olivier J, 1981. "Output, the Stock Market, and Interest Rates," American Economic Review, American Economic Association, vol. 71(1), pages 132-43, March.
    13. T. W. Swan, 1956. "ECONOMIC GROWTH and CAPITAL ACCUMULATION," The Economic Record, The Economic Society of Australia, vol. 32(2), pages 334-361, November.
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