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Economic Growth and the Financial Economics of Capital Accumulation under Shifting Technological Change

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Author Info
Voxi Heinrich S Amavilah (Glendale College)
Richard T. Newcomb (University of Arizona)

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Abstract

This paper develops a simple and practical framework for characterizing (long-run) economic growth and fluid capital accumulation under shifting technological change. The framework specifies a technological change that depends on exogenous and endogenous factors as well as the interaction between the two sets of factors, and therefore allows for the evaluation of the (a) output/capital ratio via capital stock (balance sheet) adjustments and intensities, (b) value added stream of income via changes in cash flows (income statements) at some rates of change constrained to be compatible with ( c) financial economics of the feasible accumulation of capital investment (sources and uses of funds statement). The model is simple - it is only a single-equation reduced form of a transcendental production function - yet one which can be estimated either as (1) a single equation, (2) three single equations, or (3) a system of three seemingly unrelated equations.

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Publisher Info
Paper provided by EconWPA in its series GE, Growth, Math methods with number 0404001.

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Length: 26 pages
Date of creation: 02 Apr 2004
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Handle: RePEc:wpa:wuwpge:0404001

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Related research
Keywords: economic growth and fluid capital accumulation; economic growth under shifting technological change; growth models;

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Find related papers by JEL classification:
O11 - Economic Development, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development
O12 - Economic Development, Technological Change, and Growth - - Economic Development - - - Microeconomic Analyses of Economic Development
O15 - Economic Development, Technological Change, and Growth - - Economic Development - - - Economic Development: Human Resources; Human Development; Income Distribution; Migration
O16 - Economic Development, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment
O31 - Economic Development, Technological Change, and Growth - - Technological Change - - - Innovation and Invention: Processes and Incentives
O33 - Economic Development, Technological Change, and Growth - - Technological Change - - - Technological Change: Choices and Consequences; Diffusion Processes
O47 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Measurement of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence
O49 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Other
C21 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Cross-Sectional Models; Spatial Models; Treatment Effect Models
C51 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Model Construction and Estimation
C53 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Forecasting and Other Model Applications
D24 - Microeconomics - - Production and Organizations - - - Production; Capital and Total Factor Productivity; Capacity
Q32 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Nonrenewable Resources and Conservation - - - Exhaustible Resources and Economic Development

References listed on IDEAS
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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. Weber, Ernst Juerg, 1996. " Economic Growth," Journal of Economic Surveys, Blackwell Publishing, vol. 10(3), pages 357-65, September.
  3. Romer, P.M., 1988. "Capital Accumulation In The Theory Of Long Run Growth," RCER Working Papers 123, University of Rochester - Center for Economic Research (RCER).
  4. Benhabib, Jess & Spiegel, Mark M., 1994. "The role of human capital in economic development evidence from aggregate cross-country data," Journal of Monetary Economics, Elsevier, vol. 34(2), pages 143-173, October. [Downloadable!] (restricted)
  5. Gary S. Becker & Edward L. Glaeser & Kevin M. Murphy, 1999. "Population and Economic Growth," American Economic Review, American Economic Association, vol. 89(2), pages 145-149, May. [Downloadable!] (restricted)
  6. Tamura, Robert, 1991. "Income Convergence in an Endogenous Growth Model," Journal of Political Economy, University of Chicago Press, vol. 99(3), pages 522-40, June. [Downloadable!] (restricted)
  7. Swan, Trevor W, 2002. "Economic Growth," The Economic Record, The Economic Society of Australia, vol. 78(243), pages 375-80, December. [Downloadable!] (restricted)
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  12. Romer, Paul, 1993. "Idea gaps and object gaps in economic development," Journal of Monetary Economics, Elsevier, vol. 32(3), pages 543-573, December. [Downloadable!] (restricted)
  13. Goetz, Stephan J. & Hu, Dayuan, 1996. "Economic growth and human capital accumulation: Simultaneity and expanded convergence tests," Economics Letters, Elsevier, vol. 51(3), pages 355-362, June. [Downloadable!] (restricted)
  14. Peter Klenow & Andrés Rodríguez-Clare, 1997. "The Neoclassical Revival in Growth Economics: Has It Gone Too Far?," NBER Chapters, in: NBER Macroeconomics Annual 1997, Volume 12, pages 73-114 National Bureau of Economic Research, Inc. [Downloadable!]
  15. 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)
    Other versions:
  16. Kosobud, Richard F & O'Neill, William D, 1974. "A Growth Model with Population Endogenous," American Economic Review, American Economic Association, vol. 64(2), pages 27-32, May. [Downloadable!] (restricted)
  17. Dale W. Jorgenson, 1972. "Investment Behavior and the Production Function," Bell Journal of Economics, The RAND Corporation, vol. 3(1), pages 220-251, Spring. [Downloadable!] (restricted)
  18. Jones, Charles I, 1995. "Time Series Tests of Endogenous Growth Models," The Quarterly Journal of Economics, MIT Press, vol. 110(2), pages 495-525, May. [Downloadable!] (restricted)
  19. Gemmell, Norman, 1995. " Endogenous Growth, the Solow Model and Human Capital," Economic Change and Restructuring, Springer, vol. 28(2-3), pages 169-83.
  20. Grossman, Gene M & Helpman, Elhanan, 1994. "Endogenous Innovation in the Theory of Growth," Journal of Economic Perspectives, American Economic Association, vol. 8(1), pages 23-44, Winter. [Downloadable!] (restricted)
    Other versions:
  21. Samuelson, Paul A., 2002. "Innovational progress sans thrift," Japan and the World Economy, Elsevier, vol. 14(3), pages 281-284, August. [Downloadable!] (restricted)
  22. Graca, Job & Jafarey, Saqib & Philippopoulos, Apostolis, 1995. " Interaction of Human and Physical Capital in a Model of Endogenous Growth," Economic Change and Restructuring, Springer, vol. 28(2-3), pages 93-118.
  23. Romer, Paul M, 1990. "Endogenous Technological Change," Journal of Political Economy, University of Chicago Press, vol. 98(5), pages S71-102, October. [Downloadable!] (restricted)
    Other versions:
  24. Barro, Robert J. & Lee, Jong-Wha, 1994. "Sources of economic growth," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 40(1), pages 1-46, June. [Downloadable!] (restricted)
  25. Romer, Paul M, 1994. "The Origins of Endogenous Growth," Journal of Economic Perspectives, American Economic Association, vol. 8(1), pages 3-22, Winter. [Downloadable!] (restricted)
  26. De Long, J Bradford & Summers, Lawrence H, 1991. "Equipment Investment and Economic Growth," The Quarterly Journal of Economics, MIT Press, vol. 106(2), pages 445-502, May. [Downloadable!] (restricted)
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Full references

Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Voxi Heinrich S Amavilah, 2004. "Economic Performance in a Cross-Section of U.S. Native American Economies," GE, Growth, Math methods 0405003, EconWPA. [Downloadable!]
  2. Amavilah, Voxi Heinrich, 2008. "Domestic resources, governance, global links, and the economic performance of Sub-Saharan Africa," MPRA Paper 11193, University Library of Munich, Germany. [Downloadable!]
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