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

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  • Voxi Heinrich S Amavilah

    (Glendale College)

  • Richard T. Newcomb

    (University of Arizona)

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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Bibliographic 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
Date of revision:
Handle: RePEc:wpa:wuwpge:0404001

Note: Type of Document - wpd; pages: 26. Made available for comments only. Contains 3 pages of hand-drawn figures. Figures can will be sent by fax or snail mail upon request - free postage in the USA.
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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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References

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  1. Mark Rogers, 2003. "A Survey of Economic Growth," The Economic Record, The Economic Society of Australia, vol. 79(244), pages 112-135, 03.
  2. Swan, Trevor W, 2002. "Economic Growth," The Economic Record, The Economic Society of Australia, vol. 78(243), pages 375-80, December.
  3. Desai, Meghnad, 1995. " An Endogenous Growth Cycle with Vintage Capital," Economic Change and Restructuring, Springer, vol. 28(2-3), pages 87-91.
  4. Paul M Romer, 1999. "Increasing Returns and Long-Run Growth," Levine's Working Paper Archive 2232, David K. Levine.
  5. 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.
  6. Romer, Paul M, 1990. "Endogenous Technological Change," Journal of Political Economy, University of Chicago Press, vol. 98(5), pages S71-102, October.
  7. 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.
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  9. 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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  18. Weber, Ernst Juerg, 1996. " Economic Growth," Journal of Economic Surveys, Wiley Blackwell, vol. 10(3), pages 357-65, September.
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  20. 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.
  21. Edward L. Glaeser & Gary S. Becker & Kevin M. Murphy, 1999. "Population and Economic Growth," American Economic Review, American Economic Association, vol. 89(2), pages 145-149, May.
  22. 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.
  23. 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.
  24. Paul M. Romer, 1994. "The Origins of Endogenous Growth," Journal of Economic Perspectives, American Economic Association, vol. 8(1), pages 3-22, Winter.
  25. 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.
  26. Gemmell, Norman, 1995. " Endogenous Growth, the Solow Model and Human Capital," Economic Change and Restructuring, Springer, vol. 28(2-3), pages 169-83.
  27. Han, Gaofeng & Kalirajan, Kaliappa & Singh, Nirvikar, 2002. "Productivity and economic growth in East Asia: innovation, efficiency and accumulation," Japan and the World Economy, Elsevier, vol. 14(4), pages 401-424, December.
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Citations

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Cited by:
  1. Amavilah, Voxi Heinrich, 2011. "The Full Value of the Nobel Prize - Part 1: Mining “Data Without Theory”," MPRA Paper 33483, University Library of Munich, Germany.
  2. Amavilah, Voxi Heinrich, 2013. "The Love Aspects of Human Capital and the Economic Activity of Countries," MPRA Paper 52686, University Library of Munich, Germany.
  3. 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.
  4. Voxi Heinrich S Amavilah, 2004. "Economic Performance in a Cross-Section of U.S. Native American Economies," GE, Growth, Math methods 0405003, EconWPA.

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