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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