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On the Many Kinds of Growth


  • Eckstein, Zvi
  • Foulides, Costas
  • Kollintzas, Tryphon


In this paper we synthesize exogenous and endogenous sources of economic growth in a stochastic dynamic general equilibrium model. Endogenous growth can be engendered by internal constant returns to scale or by external increasing returns to scale in the production of human capital or in the production of goods. We provide existence and characterization results for a recursive competitive equilibrium. We show how the different sources of growth combine to generate a plethora of potential growth patterns. Of special interest are the possibilities of steady-state exogenous growth with transitional dynamics dictated by endogenous growth and vice versa. We also characterize the social optimum and a tax-subsidy scheme that supports the social optimum as a recursive competitive equilibrium.

Suggested Citation

  • Eckstein, Zvi & Foulides, Costas & Kollintzas, Tryphon, 1991. "On the Many Kinds of Growth," CEPR Discussion Papers 592, C.E.P.R. Discussion Papers.
  • Handle: RePEc:cpr:ceprdp:592

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    References listed on IDEAS

    1. Alesina, Alberto & Drazen, Allan, 1991. "Why Are Stabilizations Delayed?," American Economic Review, American Economic Association, vol. 81(5), pages 1170-1188, December.
    2. Albert O. Hirschman & Robert V. Rosa, 1949. "Postwar credit controls in France," Federal Reserve Bulletin, Board of Governors of the Federal Reserve System (U.S.), issue Apr, pages 348-360.
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    Cited by:

    1. Domowitz, Ian & El-Gamal, Mahmoud A., 2001. "A consistent nonparametric test of ergodicity for time series with applications," Journal of Econometrics, Elsevier, vol. 102(2), pages 365-398, June.
    2. Domowitz, I. El-Gamal, M., 1997. "Financial Market Structure and the Ergocicity of Prices," Working papers 9719, Wisconsin Madison - Social Systems.

    More about this item


    Endogenous Growth; Exogenous Growth; Recursive Competitive Equilibrium; Social Optimum;

    JEL classification:

    • C62 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Existence and Stability Conditions of Equilibrium
    • H21 - Public Economics - - Taxation, Subsidies, and Revenue - - - Efficiency; Optimal Taxation
    • O41 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - One, Two, and Multisector Growth Models


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