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On Endogenizing Long-Run Growth

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  • Hammond, Peter J
  • Rodriguez-Clare, Andres

Abstract

This assessment of recent theoretical work on endogenous growth identifies three different engines of long-run growth: (1) the asymptotic average product of capital is positive; (2) labor productivity increases as an external effect of capital accumulation; and (3) there are feedback effects on the cost of accumulating knowledge or innovating. A general model encompassing all three is considered and then used to review different proposed determinants of long-run growth rates. The contribution of endogenous growth theory has been to create a framework in which to explain why economic institutions and policies can have long-run effects on growth rates. Copyright 1993 by The editors of the Scandinavian Journal of Economics.

Suggested Citation

  • Hammond, Peter J & Rodriguez-Clare, Andres, 1993. " On Endogenizing Long-Run Growth," Scandinavian Journal of Economics, Wiley Blackwell, vol. 95(4), pages 391-425, December.
  • Handle: RePEc:bla:scandj:v:95:y:1993:i:4:p:391-425
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    Citations

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    Cited by:

    1. Rafael Antonio Barberá de la Torre, 2000. "Endogenous growth, R & D and Labour Variety," Documentos de trabajo de la Facultad de Ciencias Económicas y Empresariales 00-05, Universidad Complutense de Madrid, Facultad de Ciencias Económicas y Empresariales.
    2. Peter J. Hammond, "undated". "Multilaterally Strategy-Proof Mechanisms in Random Aumann--Hildenbrand Macroeconomies," Working Papers 97022, Stanford University, Department of Economics.
    3. Robinson, James A. & Srinivasan, T.N., 1993. "Long-term consequences of population growth: Technological change, natural resources, and the environment," Handbook of Population and Family Economics,in: M. R. Rosenzweig & Stark, O. (ed.), Handbook of Population and Family Economics, edition 1, volume 1, chapter 21, pages 1175-1298 Elsevier.
    4. Osberg, L., 1995. "The Equity/Efficiency Trade-Off in Retrospect," Department of Economics at Dalhousie University working papers archive 95-04, Dalhousie, Department of Economics.
    5. repec:esr:chaptr:jacb200011 is not listed on IDEAS
    6. Edgar Morgenroth, 2003. "What should Policy Makers Learn from Recent Advances in Growth Theory and New Economic Geography?," Papers WP150, Economic and Social Research Institute (ESRI).
    7. Agell, Jonas & Lindh, Thomas & Ohlsson, Henry, 1997. "Growth and the public sector: A critical review essay," European Journal of Political Economy, Elsevier, vol. 13(1), pages 33-52, February.
    8. Julia Korosteleva & Colin Lawson, 2010. "The Belarusian case of transition: whither financial repression?," Post-Communist Economies, Taylor & Francis Journals, vol. 22(1), pages 33-53.
    9. Ruttan, Vernon W., 1998. "Growth Economics And Development Economics: What Should Development Economists Learn (If Anything) From The New Growth Theory?," Bulletins 12972, University of Minnesota, Economic Development Center.
    10. Ayres, Robert U, 2001. "The minimum complexity of endogenous growth models:," Energy, Elsevier, vol. 26(9), pages 817-838.
    11. Rosa Capolupo, 2005. "THE NEW GROWTH THEORIES AND THEIR EMPIRICS, Discussion Paper in Economics, University of Glasgow, N. 2005-04 (http://www.gla.ac.uk/Acad/Economics," GE, Growth, Math methods 0506003, EconWPA.
    12. Koichi Futagami & Kazuo Mino, 1995. "Public capital and patterns of growth in the presence of threshold externalities," Journal of Economics, Springer, vol. 61(2), pages 123-146, June.
    13. Morgenroth, Edgar, 2000. "Regionalisation and the Functions of Regional and Local Government," Papers BP2001/4, Economic and Social Research Institute (ESRI).
    14. Steve Dowrick, 1994. "Openness and Growth," RBA Annual Conference Volume,in: Philip Lowe & Jacqueline Dwyer (ed.), International Intergration of the Australian Economy Reserve Bank of Australia.
    15. FitzGerald, John & Kearney, Ide & Morgenroth, Edgar & Smyth, Diarmaid, 1999. "National Investment Priorities For The Period 2000-2006," Research Series, Economic and Social Research Institute (ESRI), number PRS33.
    16. Walters, Bernard, 1995. "Engendering macroeconomics: A reconsideration of growth theory," World Development, Elsevier, vol. 23(11), pages 1869-1880, November.
    17. Knut Rosendahl, 1997. "Does improved environmental policy enhance economic growth?," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 9(3), pages 341-364, April.
    18. Datt, Gaurav & Ravallion, Martin, 1998. "Why Have Some Indian States Done Better Than Others at Reducing Rural Poverty?," Economica, London School of Economics and Political Science, vol. 65(257), pages 17-38, February.
    19. Jalan, Jyotsna & Ravallion, Martin, 1998. "Are there dynamic gains from a poor-area development program?," Journal of Public Economics, Elsevier, vol. 67(1), pages 65-85, January.
    20. Datt, Gaurav & Ravallion, Martin, 1997. "Why have some Indian states performed better than others at reducing rural poverty?," FCND discussion papers 26, International Food Policy Research Institute (IFPRI).
    21. Rosa Capolupo, "undated". "The New Growth Theoris and their Empirics," Working Papers 2005_4, Business School - Economics, University of Glasgow.
    22. Araceli Ortega Diaz, 2004. "Assesment of the relationship between Inequality and Economic Growth: A panel Data Approach," Econometric Society 2004 Latin American Meetings 261, Econometric Society.
    23. Shishir Saxena, 2011. "Technology and spillovers: evidence from Indian manufacturing microdata," Applied Economics, Taylor & Francis Journals, vol. 43(10), pages 1271-1287.
    24. Minea, Alexandru, 2008. "The Role of Public Spending in the Growth Theory Evolution," Journal for Economic Forecasting, Institute for Economic Forecasting, vol. 5(2), pages 99-120, June.
    25. Steve Dowrick, 1995. "The Determinants of Long-Run Growth," RBA Annual Conference Volume,in: Palle Andersen & Jacqueline Dwyer & David Gruen (ed.), Productivity and Growth Reserve Bank of Australia.

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