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Ideas for Growth?

  • David C. Maré

    ()

    (Motu Economic and Public Policy Research)

There is much talk of the knowledge economy, and the central role of ideas and knowledge in generating economic growth. This paper provides a brief review of the economic literature on how skills/ knowledge/ ideas might contribute to higher output or higher rates of growth. Ideas are complementary inputs into production, in the sense that they raise the productivity of other inputs. Some of the complementarities may give rise to externalities-effects that do not have to be paid for. For investments in ideas to generate output growth, these complementarities must be particularly strong. I conclude with some comments on what policy makers can draw from the literature, which is some encouragement but little specific guidance.

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File URL: http://motu-www.motu.org.nz/wpapers/03_19.pdf
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Paper provided by Motu Economic and Public Policy Research in its series Working Papers with number 03_19.

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Length: 26 pages
Date of creation: Jul 2003
Date of revision:
Handle: RePEc:mtu:wpaper:03_19
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