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The Role of Knowledge and Capital in Economic Growth

Author

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  • Rebelo, S.

Abstract

Starting from the celebrated neoclassical (Solow) model of economic growth, this paper discusses new ideas in growth theory focussing on how to make sustained growth feasible. It first reviews models that broadened the notion of capital to include human capital and the state of technology. These extensions of the neoclassical theory are not very satisfying at a descriptive level because productivity growth is associated with either human or physical capital accumulation in a way that does not interact with the invention of new technologies. The paper surveys models which make techn ological progress endogenous by allowing firms to undertake investment aimed either at producing new goods or at developing new production methods. Economic growth is shown to depend positively on the size of the market.

Suggested Citation

  • Rebelo, S., 1998. "The Role of Knowledge and Capital in Economic Growth," Research Paper 149, World Institute for Development Economics Research.
  • Handle: RePEc:fth:wodeec:149
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    Citations

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    Cited by:

    1. Vladimir D. Matveenk, 2011. "Interests of Social Groups, Direction of Technical Progress, and Barriers to Development: How Sustainable is the World Economic Growth?," DEGIT Conference Papers c016_047, DEGIT, Dynamics, Economic Growth, and International Trade.
    2. Eyal Apatov & Arthur Grimes, 2016. "Higher education institutions and regional growth: The case of New Zealand," Working Papers 16_11, Motu Economic and Public Policy Research.
    3. Nowak-Lehmann D., Felicitas, 2003. "Trade Policy and its Impact On Economic Growth: The Chilean Experience in the Period of 1960 to 1998," Applied Econometrics and International Development, Euro-American Association of Economic Development, vol. 3(2).
    4. Bouton, L. & Sumlinski, M.A., 2000. "Trends in Private Investment in Developing Countries. Statistics for 1970-1998," Papers 41, World Bank - International Finance Corporation.
    5. Jorge Baldrich, 2010. "Taxing Our Neighbors? Why Some Sub-National Revenues Are So Small," Working Papers 100, Universidad de San Andres, Departamento de Economia, revised Mar 2010.
    6. David C. Maré, 2003. "Ideas for Growth?," Working Papers 03_19, Motu Economic and Public Policy Research.
    7. Martin Aarøe Christensen, 2015. "A CGE model with ICT and R&D-driven endogenous growth: A detailed model description," JRC Working Papers JRC97908, Joint Research Centre (Seville site).
    8. Yuanchen Chang & Mao-Wei Hung & Chiuling Lu, 2005. "Trade, R&D spending and financial development," Applied Financial Economics, Taylor & Francis Journals, vol. 15(11), pages 809-819.
    9. Lawrence Bouton & Mariusz A. Sumlinski, 2000. "Trends in Private Investment in Developing Countries : Statistics for 1970-1998," World Bank Publications, The World Bank, number 13986.
    10. Fofack, Hippolyte, 2009. "Determinants of globalization and growth prospects for Sub-Saharan African countries," Policy Research Working Paper Series 5019, The World Bank.

    More about this item

    Keywords

    TECHNOLOGY ; ECONOMIC GROWTH;

    JEL classification:

    • O41 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - One, Two, and Multisector Growth Models
    • O47 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Empirical Studies of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence
    • O33 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Technological Change: Choices and Consequences; Diffusion Processes
    • O32 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Management of Technological Innovation and R&D

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