Strategies for Growth in a Macroeconomic Setting
Endogenous growth theory explains long-run economic expansion by intertemporal preferences, technology, and other factors, e.g., taxes. Here the authors focus on more subtle and strategic factors in a theory of endogenous growth that follows M. F. Scott (1989) and is based on learning-by-doing and learning-by-watching. Coordination of investment in the presence of learning externalities boosts growth. Managerial discretion based on the separation between ownership and control affects growth but the magnitude of the effects depends on the way firms set labor demand. Uncertainty positively affects growth because of precautionary savings. The effect is amplified if projects with higher growth rates are more risky. Copyright 1995 by Blackwell Publishers Ltd and The Victoria University of Manchester
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Economics Working Papers
78, Department of Economics and Business, Universitat Pompeu Fabra.
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"Increasing Returns and Long-run Growth,"
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- repec:tpr:qjecon:v:106:y:1991:i:2:p:327-68 is not listed on IDEAS
- Sala-I-Martin, X., 1990. "Lecture Notes On Economic Growth: Five Prototype Models Of Endogenous Growth," Papers 622, Yale - Economic Growth Center.
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