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Endogenous Technological Change

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Listed author(s):
  • Romer, Paul M

Abstract

Growth in this model is driven by technological change that arises from intentional investment decisions made by profit-maximizing agents. The distinguishing feature of the technology as an input is that it is not a conventional good or a public good; it is a nonrival, partially excludable good. Because of the noconvexity introduced by a nonrival good, price-taking competition cannot be supported. Instead, the equilibrium is one with monopolistic competition. The main conclusions are that the stock of human capital determines the rate of growth, that too little human capital is devoted to research in equilibrium, that integration into world markets will increase growth rates, and that a large population is not sufficient to generate growth. Copyright 1990 by University of Chicago Press.

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Article provided by University of Chicago Press in its journal Journal of Political Economy.

Volume (Year): 98 (1990)
Issue (Month): 5 (October)
Pages: 71-102

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Handle: RePEc:ucp:jpolec:v:98:y:1990:i:5:p:s71-102
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  1. Romer, Paul M, 1986. "Increasing Returns and Long-run Growth," Journal of Political Economy, University of Chicago Press, vol. 94(5), pages 1002-1037, October.
  2. Sokoloff, Kenneth L., 1988. "Inventive Activity in Early Industrial America: Evidence From Patent Records, 1790–1846," The Journal of Economic History, Cambridge University Press, vol. 48(04), pages 813-850, December.
  3. Zvi Griliches, 1998. "Issues in Assessing the Contribution of Research and Development to Productivity Growth," NBER Chapters,in: R&D and Productivity: The Econometric Evidence, pages 17-45 National Bureau of Economic Research, Inc.
  4. Grossman, Gene M & Helpman, Elhanan, 1989. "Product Development and International Trade," Journal of Political Economy, University of Chicago Press, vol. 97(6), pages 1261-1283, December.
  5. Heckman, James J, 1976. "A Life-Cycle Model of Earnings, Learning, and Consumption," Journal of Political Economy, University of Chicago Press, vol. 84(4), pages 11-44, August.
  6. Pascoa Mario Rui, 1993. "Noncooperative Equilibrium and Chamberlinian Monopolistic Competition," Journal of Economic Theory, Elsevier, vol. 60(2), pages 335-353, August.
  7. Rebelo, Sergio, 1991. "Long-Run Policy Analysis and Long-Run Growth," Journal of Political Economy, University of Chicago Press, vol. 99(3), pages 500-521, June.
  8. Karl Shell, 2010. "Toward A Theory of Inventive Activity and Capital Accumulation," Levine's Working Paper Archive 1407, David K. Levine.
  9. Frank Gollop & Dale Jorgenson, 1980. "U.S. Productivity Growth by Industry, 1947–73," NBER Chapters,in: New Developments in Productivity Measurement, pages 15-136 National Bureau of Economic Research, Inc.
  10. Robert Wilson, 1975. "Informational Economies of Scale," Bell Journal of Economics, The RAND Corporation, vol. 6(1), pages 184-195, Spring.
  11. John Kendrick, 1956. "Productivity Trends: Capital and Labor," NBER Chapters,in: Productivity Trends: Capital and Labor, pages -3-23 National Bureau of Economic Research, Inc.
  12. Judd, Kenneth L, 1985. "On the Performance of Patents," Econometrica, Econometric Society, vol. 53(3), pages 567-585, May.
  13. Karl Shell, 2010. "A Model of Inventive Activity and Capital Accumulation," Levine's Working Paper Archive 1409, David K. Levine.
  14. Rosen, Sherwin, 1976. "A Theory of Life Earnings," Journal of Political Economy, University of Chicago Press, vol. 84(4), pages 45-67, August.
  15. 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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Blog mentions

As found by EconAcademics.org, the blog aggregator for Economics research:
  1. L’avenir de la croissance américaine
    by ? in D'un champ l'autre on 2014-01-25 13:03:00
  2. Politique industrielle et système d’innovation dans les pays en voie de développement
    by jm26121978@gmail.com (Jihène Malek) in BS Initiative on 2014-06-03 10:42:25
  3. Market Power versus Price-taking in Economic Growth
    by dvollrath in The Growth Economics Blog on 2015-06-05 21:13:53
  4. Neoclassical Production Function Reader
    by Mike Isaacson in Vulgar Economics on 2015-07-27 14:00:00
  5. Entrepreneurs, Economic Growth, and the Enlightenment
    by Tim Sullivan in HBR Blog Network on 2015-08-10 14:00:46
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  1. Recursive Macroeconomic Theory

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