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R&D-Based Models of Economic Growth

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  • Jones, Charles I

Abstract

This paper argues that the 'scale effects' prediction of many recent R&D-based models of growth is inconsistent with the time-series evidence from industrialized economies. A modified version of the Romer model that is consistent with this evidence is proposed, but the extended model alters a key implication usually found in endogenous growth theory. Although growth in the extended model is generated endogenously through R&D, the long-run growth rate depends only on parameters that are usually taken to be exogenous, including the rate of population growth. Copyright 1995 by University of Chicago Press.

Suggested Citation

  • Jones, Charles I, 1995. "R&D-Based Models of Economic Growth," Journal of Political Economy, University of Chicago Press, vol. 103(4), pages 759-784, August.
  • Handle: RePEc:ucp:jpolec:v:103:y:1995:i:4:p:759-84
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    1. Robert M. Solow, 1956. "A Contribution to the Theory of Economic Growth," The Quarterly Journal of Economics, Oxford University Press, pages 65-94.
    2. N. Gregory Mankiw & David Romer & David N. Weil, 1992. "A Contribution to the Empirics of Economic Growth," The Quarterly Journal of Economics, Oxford University Press, pages 407-437.
    3. K. Sato, 1966. "On the Adjustment Time in Neo-classical Growth Models," Review of Economic Studies, Oxford University Press, vol. 33(3), pages 263-268.
    4. Michael Kremer, 1993. "Population Growth and Technological Change: One Million B.C. to 1990," The Quarterly Journal of Economics, Oxford University Press, pages 681-716.
    5. Ethier, Wilfred J, 1982. "National and International Returns to Scale in the Modern Theory of International Trade," American Economic Review, American Economic Association, pages 389-405.
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