Entrepreneurs, Sticky Competition and the Schumpeterian Cobb-Douglas Production Function
In this paper, we institute the role of entrepreneurs in technical progress and the mechanism of tools multiplication into the Cobb Douglas Production Function. After the advancements, the technology component in the function has technical meaning and is potentially observable. Unlimited technical progress becomes possible and automatic under sticky competitive markets. The coexistence of sustained growth, decline and stagnation across countries and time becomes obvious and the target of public policies for achieving sustained growth is also clear and precise.
|Date of creation:||Jan 2011|
|Date of revision:|
|Contact details of provider:|| Postal: Ludwigstraße 33, D-80539 Munich, Germany|
Web page: https://mpra.ub.uni-muenchen.de
More information through EDIRC
References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Mo, Pak Hung, 1995. "Effective Competition and Economic Development of Imperial China," Kyklos, Wiley Blackwell, vol. 48(1), pages 87-103.
- Philippe Aghion & Peter Howitt, 1990.
"A Model of Growth Through Creative Destruction,"
NBER Working Papers
3223, National Bureau of Economic Research, Inc.
- Aghion, P. & Howitt, P., 1989. "A Model Of Growth Through Creative Destruction," UWO Department of Economics Working Papers 8904, University of Western Ontario, Department of Economics.
- Aghion, P. & Howitt, P., 1989. "A Model Of Growth Through Creative Destruction," Working papers 527, Massachusetts Institute of Technology (MIT), Department of Economics.
- Aghion, Philippe & Howitt, Peter, 1992. "A Model of Growth Through Creative Destruction," Scholarly Articles 12490578, Harvard University Department of Economics.
- Aghion, P. & Howitt, P., 1990. "A Model Of Growth Through Creative Destruction," DELTA Working Papers 90-12, DELTA (Ecole normale supérieure).
- Jonathan Temple, 1999. "The New Growth Evidence," Journal of Economic Literature, American Economic Association, vol. 37(1), pages 112-156, March.
- Romer, Paul M, 1986.
"Increasing Returns and Long-run Growth,"
Journal of Political Economy,
University of Chicago Press, vol. 94(5), pages 1002-37, October.
- Lucas, Robert Jr., 1988. "On the mechanics of economic development," Journal of Monetary Economics, Elsevier, vol. 22(1), pages 3-42, July.
- Crafts, Nicholas, 2004.
"Productivity Growth in the Industrial Revolution: A New Growth Accounting Perspective,"
The Journal of Economic History,
Cambridge University Press, vol. 64(02), pages 521-535, June.
- Nicholas Crafts, 2002. "Productivity growth in the Industrial Revolution: a new growth accounting perspective," Proceedings, Federal Reserve Bank of San Francisco, issue Nov.
- Rodrik, Dani, 2004.
"Industrial Policy for the Twenty-First Century,"
CEPR Discussion Papers
4767, C.E.P.R. Discussion Papers.
- Sergio T. Rebelo, 1990.
"Long Run Policy Analysis and Long Run Growth,"
NBER Working Papers
3325, National Bureau of Economic Research, Inc.
- Robert M. Solow, 2007. "The last 50 years in growth theory and the next 10," Oxford Review of Economic Policy, Oxford University Press, vol. 23(1), pages 3-14, Spring.
- Karl Shell, 2010. "Inventive Activity, Industrial Organization and Economic Growth," Levine's Working Paper Archive 1408, David K. Levine.
- Ethier, Wilfred J, 1982. "National and International Returns to Scale in the Modern Theory of International Trade," American Economic Review, American Economic Association, vol. 72(3), pages 389-405, June.
- William J. Baumol, 2000. "What Marshall Didn't Know: On the Twentieth Century's Contributions to Economics," The Quarterly Journal of Economics, Oxford University Press, vol. 115(1), pages 1-44.
- Jones, Charles I, 1995. "R&D-Based Models of Economic Growth," Journal of Political Economy, University of Chicago Press, vol. 103(4), pages 759-84, August.
- Howard Pack, 1994. "Endogenous Growth Theory: Intellectual Appeal and Empirical Shortcomings," Journal of Economic Perspectives, American Economic Association, vol. 8(1), pages 55-72, Winter.
When requesting a correction, please mention this item's handle: RePEc:pra:mprapa:28927. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Joachim Winter)
If references are entirely missing, you can add them using this form.