How long is Simon’s long run? : a first approach
Julian Simon has stated, in many of his recent publications, that population growth, although reducing income per capita in the short run through capital dilution, increases the rate of growth of that same income per capita in the long run (steady state) through technical progress brought about by the increased rates of invention and innovation caused by a bigger population. This paper intends to measure empirically the length of time needed to achieve that steady state, through the experience of three industrialised countries, by means of a time-series analysis based on the models presented by Simon in his most recent work (1986).
|Date of creation:||18 Jul 1987|
|Date of revision:||2007|
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- E. S. Phelps, 1966. "Models of Technical Progress and the Golden Rule of Research," Review of Economic Studies, Oxford University Press, vol. 33(2), pages 133-145.
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