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Endogenous Technological Progress and Infinite Economic Growth

In: Growth and International Trade

Author

Listed:
  • Karl Farmer

    (University of Graz)

  • Matthias Schelnast

    (University of Graz)

Abstract

This chapter presents a neo-Schumpeterian OLG model of self-propelled growth of intermediate-product innovations and over time rising GDP rates. A one-period patent system generates monopoly rents for producers of recently innovated intermediate goods which serve together with competitively produced intermediates as inputs in final-good production. The rising variety of intermediates reduces the unit cost and the price of the final good which enables the financing of an ever-increasing rate of intermediate-product innovations by the savings of younger households. Growth in the OLG model of this chapter is attributed to a continuous innovation process driven by rational choices of short-lived agents.

Suggested Citation

  • Karl Farmer & Matthias Schelnast, 2013. "Endogenous Technological Progress and Infinite Economic Growth," Springer Texts in Business and Economics, in: Growth and International Trade, edition 127, chapter 6, pages 137-150, Springer.
    • Handle: RePEc:spr:sptchp:978-3-642-33669-0_6
    DOI: 10.1007/978-3-642-33669-0_6
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