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Endogenous Technological Change

Growth in this model is driven by technological change that arises from intentional investment decisions made by profit maximizing agents. The distinguishing feature of the technology as an input is that it is neither a conventional good nor a public good; it is a nonrival, partially excludable good. Because of the nonconvexity introduced by a nonrival good, price-taking competition cannot be supported, and instead, the equilibriumis one with monopolistic competition. The main conclusions are that the stock of human capital determines the rate of growth, that too little human capital is devoted to research in equilibrium, that integration into world markets will increase growth rates, and that having a large population is not sufficient to generate growth.

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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 3210.

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Date of creation: Dec 1989
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Publication status: published as Journal of Political Economy, Vol. 98, No. 5, Part 2, pp. S71-S102, (1990).
Handle: RePEc:nbr:nberwo:3210
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  1. John Kendrick, 1956. "Productivity Trends: Capital and Labor," NBER Chapters, in: Productivity Trends: Capital and Labor, pages -3-23 National Bureau of Economic Research, Inc.
  2. Lucas, Robert Jr., 1988. "On the mechanics of economic development," Journal of Monetary Economics, Elsevier, vol. 22(1), pages 3-42, July.
  3. Pascoa Mario Rui, 1993. "Noncooperative Equilibrium and Chamberlinian Monopolistic Competition," Journal of Economic Theory, Elsevier, vol. 60(2), pages 335-353, August.
  4. Grossman, G.M. & Helpman, E., 1988. "Product Development And International Trade," Papers 132, Princeton, Woodrow Wilson School - Public and International Affairs.
  5. Judd, Kenneth L, 1985. "On the Performance of Patents," Econometrica, Econometric Society, vol. 53(3), pages 567-85, May.
  6. Paul M Romer, 1999. "Increasing Returns and Long-Run Growth," Levine's Working Paper Archive 2232, David K. Levine.
  7. Heckman, James J, 1976. "A Life-Cycle Model of Earnings, Learning, and Consumption," Journal of Political Economy, University of Chicago Press, vol. 84(4), pages S11-44, August.
  8. Sergio Rebelo, 1999. "Long Run Policy Analysis and Long Run Growth," Levine's Working Paper Archive 2114, David K. Levine.
  9. Rosen, Sherwin, 1976. "A Theory of Life Earnings," Journal of Political Economy, University of Chicago Press, vol. 84(4), pages S45-67, August.
  10. Karl Shell, 2010. "Toward A Theory of Inventive Activity and Capital Accumulation," Levine's Working Paper Archive 1407, David K. Levine.
  11. Frank Gollop & Dale Jorgenson, 1980. "U.S. Productivity Growth by Industry, 1947–73," NBER Chapters, in: New Developments in Productivity Measurement, pages 15-136 National Bureau of Economic Research, Inc.
  12. Kenneth L. Sokoloff, 1988. "Inventive Activity in Early Industrial America: Evidence From Patent Records, 1790-1846," UCLA Economics Working Papers 499, UCLA Department of Economics.
  13. Robert Wilson, 1975. "Informational Economies of Scale," Bell Journal of Economics, The RAND Corporation, vol. 6(1), pages 184-195, Spring.
  14. Zvi Griliches, 1979. "Issues in Assessing the Contribution of Research and Development to Productivity Growth," Bell Journal of Economics, The RAND Corporation, vol. 10(1), pages 92-116, Spring.
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