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Endogenous Growth Models

In: Economic Growth

Author

Listed:
  • Alfonso Novales

    (Universidad Complutense)

  • Esther Fernández

    (Universidad Complutense)

  • Jesús Ruiz

    (Universidad Complutense)

Abstract

The AK model, introduced by Rebelo [74], is characterized by a constant returns to scale technology, linear in physical capital $$Y_{t} = AK_{t},$$ with A representing the constant average and marginal productivity of capital, and Kt the aggregate stock of capital. As we saw in Chap. 2, aggregate constant returns to scale in the cumulative inputs is a necessary condition for endogenous growth. This assumption is a violation of the Inada condition $${\rm lim}_{K_{t}\rightarrow\infty}F^{\prime}(K_{t}) = 0,$$ which is assumed to hold in neoclassical growth models under decreasing returns to scale.

Suggested Citation

  • Alfonso Novales & Esther Fernández & Jesús Ruiz, 2009. "Endogenous Growth Models," Springer Books, in: Economic Growth, chapter 0, pages 257-303, Springer.
  • Handle: RePEc:spr:sprchp:978-3-540-68669-9_6
    DOI: 10.1007/978-3-540-68669-9_6
    as

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