A Contribution to the Empirics of Endogenous Growth
We modify Romer's  model of endogenous technological change, incorporating population growth, capital depreciation and diminishing returns to R&D, and removing scale effects. The steady-state of the model is characterized by a system of non-linear simultaneous equations in which income per capita depends on the savings rates, the rate of technological change and population growth in much the same manner as the Solow model, but in which the rate of technological change is also determined by the endogenous variables. Using international cross-sectional data, we obtain a precise estimate of returns to scale in the knowledge creation function which enables us to reject the neoclassical model against our alternative.
Volume (Year): 22 (1996)
Issue (Month): 4 (Fall)
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- N. Gregory Mankiw & David Romer & David N. Weil, 1990.
"A Contribution to the Empirics of Economic Growth,"
NBER Working Papers
3541, National Bureau of Economic Research, Inc.
- Matsuyama, Kiminori, 1992.
"Agricultural productivity, comparative advantage, and economic growth,"
Journal of Economic Theory,
Elsevier, vol. 58(2), pages 317-334, December.
- Kiminori Matsuyama, 1990. "Agricultural Productivity, Comparative Advantage, and Economic Growth," Discussion Papers 934, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
- Kiminori Matsuyama, 1991. "Agricultural Productivity, Comparative Advantage and Economic Growth," NBER Working Papers 3606, National Bureau of Economic Research, Inc.
- Lucas, Robert Jr., 1988. "On the mechanics of economic development," Journal of Monetary Economics, Elsevier, vol. 22(1), pages 3-42, July.
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