Using and Producing Ideas in Computable Endogenous Growth
It is shown that Paul Romer's suggestion to model algorithmically the use and production of ideas in an endogenous growth model is formally feasible. Such a modelling exercise imparts a natural evolutionary flavour to growth models. However, it is also shown that the policy implications are formally indeterminate in a precise and effective sense.
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|Date of revision:||2005|
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- Swan, Trevor W, 2002. "Economic Growth," The Economic Record, The Economic Society of Australia, vol. 78(243), pages 375-80, December.
- Kumaraswamy Velupillai, 2003. "Essays on computable economics, methodology and the philosophy of science," Department of Economics Working Papers 0308, Department of Economics, University of Trento, Italia.
- T. W. Swan, 1956. "ECONOMIC GROWTH and CAPITAL ACCUMULATION," The Economic Record, The Economic Society of Australia, vol. 32(2), pages 334-361, November.
- Vela Velupillai, K., 2002. "Effectivity and constructivity in economic theory," Journal of Economic Behavior & Organization, Elsevier, vol. 49(3), pages 307-325, November.
- Romer, Paul, 1993. "Idea gaps and object gaps in economic development," Journal of Monetary Economics, Elsevier, vol. 32(3), pages 543-573, December.
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