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R&D-Based Models of Economic Growth

  • Jones, Charles I

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.

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File URL: http://dx.doi.org/10.1086/262002
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Article provided by University of Chicago Press in its journal Journal of Political Economy.

Volume (Year): 103 (1995)
Issue (Month): 4 (August)
Pages: 759-84

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Handle: RePEc:ucp:jpolec:v:103:y:1995:i:4:p:759-84
Contact details of provider: Web page: http://www.journals.uchicago.edu/JPE/

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