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Capital Accumulation, Learning, and Endogenous Growth


  • van Marrewijk, Charles


The author develops a growth model with three sectors of production (final goods, intermediate goods, and R&D), each with a different technology using three inputs (labor, capital, and knowledge), and combining elements from three strands of the literature (neoclassical growth, and AK and R&D endogenous growth). The paper suggests not only that capital accumulation and innovation are complementary processes, neither of which would take place in the long run without the other, but also that this process can be self-sustaining either through Hicks-neutral knowledge spillovers without capital accumulation or through Harrod-neutral knowledge spillovers with capital accumulation. Copyright 1999 by Royal Economic Society.

Suggested Citation

  • van Marrewijk, Charles, 1999. "Capital Accumulation, Learning, and Endogenous Growth," Oxford Economic Papers, Oxford University Press, vol. 51(3), pages 453-475, July.
  • Handle: RePEc:oup:oxecpp:v:51:y:1999:i:3:p:453-75

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    References listed on IDEAS

    1. Lars E O Svensson, 2005. "Monetary Policy with Judgment: Forecast Targeting," International Journal of Central Banking, International Journal of Central Banking, vol. 1(1), May.
    2. Kenneth Rogoff, 1985. "The Optimal Degree of Commitment to an Intermediate Monetary Target," The Quarterly Journal of Economics, Oxford University Press, vol. 100(4), pages 1169-1189.
    3. Carlos Bowles & Roberta Friz & Veronique Genre & Geoff Kenny & Aidan Meyler & Tuomas Rautanen, 2007. "The ECB survey of professional forecasters (SPF) – A review after eight years’ experience," Occasional Paper Series 59, European Central Bank.
    4. Faust, Jon & Svensson, Lars E O, 2001. "Transparency and Credibility: Monetary Policy with Unobservable Goals," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 42(2), pages 369-397, May.
    5. Hans Gersbach, 2003. "On the negative social value of central banks' knowledge transparency," Economics of Governance, Springer, vol. 4(2), pages 91-102, August.
    6. Eijffinger, Sylvester C.W. & Geraats, Petra M., 2006. "How transparent are central banks?," European Journal of Political Economy, Elsevier, vol. 22(1), pages 1-21, March.
    7. George W. Evans & Seppo Honkapohja, 2003. "Adaptive learning and monetary policy design," Proceedings, Federal Reserve Bank of Cleveland, pages 1045-1084.
    8. Orphanides, Athanasios, 2003. "Monetary policy evaluation with noisy information," Journal of Monetary Economics, Elsevier, vol. 50(3), pages 605-631, April.
    9. Andrew Hallett & Jan Libich, 2012. "Explicit inflation targets and central bank independence: friends or foes?," Economic Change and Restructuring, Springer, vol. 45(4), pages 271-297, November.
    10. Eijffinger, Sylvester C W & Hoeberichts, Marco & Schaling, Eric, 2000. "Why Money Talks and Wealth Whispers: Monetary Uncertainty and Mystique," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 32(2), pages 218-235, May.
    11. Svensson, Lars E. O., 2005. "Monetary policy with judgment: forecast targeting," Working Paper Series 476, European Central Bank.
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    Cited by:

    1. Charles Van Marrewijk & Koen Berden, 2004. "On the Static and Dynamic Costs of Trade Restrictions," Centre for International Economic Studies Working Papers 2004-14, University of Adelaide, Centre for International Economic Studies.
    2. Jean-Marie Viaene & Itzhak Zilcha, 2001. "Human Capital Formation, Income Inequality and Growth," CESifo Working Paper Series 512, CESifo Group Munich.
    3. Tsoukis, Christopher & Miller, Nigel James, 2008. "Learning, scale effects, and (very) long-run growth," Economic Modelling, Elsevier, vol. 25(3), pages 446-462, May.
    4. Viaene, Jean-Marie & Zilcha, Itzhak, 2002. "Public education under capital mobility," Journal of Economic Dynamics and Control, Elsevier, vol. 26(12), pages 2005-2036, October.
    5. Viaene, Jean-Marie & Zilcha, Itzhak, 2002. "Capital markets integration, growth and income distribution," European Economic Review, Elsevier, vol. 46(2), pages 301-327, February.
    6. Sanidas, Elias, 2006. "The open system of four dynamic bio-socio-economic processes of the firm: The diamond of the black box," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 35(3), pages 556-582, June.
    7. Loretti Dobrescu & Mihaela Neamtu & Dumitru Opris, 2013. "Deterministic and Stochastic Three-Sector Dynamic Growth Model with Endogenous Labour Supply," The Economic Record, The Economic Society of Australia, vol. 89(284), pages 99-111, March.
    8. Van Marrewijk, Charles & Berden, Koen G., 2007. "On the static and dynamic costs of trade restrictions for small developing countries," Journal of Development Economics, Elsevier, vol. 84(1), pages 46-60, September.
    9. Koen G. Berden & Charles van Marrewijk, 2001. "Maintenance Costs, Obsolescence, and Endogenous Growth," Tinbergen Institute Discussion Papers 01-060/2, Tinbergen Institute.

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