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Economic Growth, a Golden Rule of Thumb, and Learning by Doing

  • Thomas Christiaans


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    A simple rule of thumb which has been successfully used in the basic neoclassical growth model as an alternative to the unstable dynamic optimization solution is shown to be more generally applicable in a non-scale growth model with learning by doing. The model is formulated in accordance with empirical regularities about learning by doing and shown to generate the stylized facts about economic growth reasonably well. The external effects of learning by doing can be internalized by the steady state tax cum subsidy policy implied by a decentralized dynamic optimization approach.

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    Paper provided by Universität Siegen, Fakultät Wirtschaftswissenschaften, Wirtschaftsinformatik und Wirtschaftsrecht in its series Volkswirtschaftliche Diskussionsbeiträge with number 95-01.

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    Length: 27 pages
    Date of creation: Mar 2001
    Date of revision:
    Handle: RePEc:sie:siegen:95-01
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    1. P. K. Bardhan, 1967. "On Optimum Subsidy to a Learning Industry: An Aspect of the Theory of Infant Industry Protection," Working papers 10, Massachusetts Institute of Technology (MIT), Department of Economics.
    2. Martin Browning & Annamaria Lusardi, 1995. "Household Saving: Micro Theories and Micro Facts," Department of Economics Working Papers 1995-02, McMaster University.
    3. 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.
    4. Mankiw, N Gregory & Romer, David & Weil, David N, 1992. "A Contribution to the Empirics of Economic Growth," The Quarterly Journal of Economics, MIT Press, vol. 107(2), pages 407-37, May.
    5. Michele Boldrin & Jose A. Scheinkman, 1988. "Learning-By-Doing, International Trade and Growth: A Note," UCLA Economics Working Papers 462, UCLA Department of Economics.
    6. Choi, E. Kwan & Jensen, Bjarne S., 1999. "Economic Growth and International Trade," Staff General Research Papers 1660, Iowa State University, Department of Economics.
    7. Brock, William A. & Scheinkman, JoseA., 1976. "Global asymptotic stability of optimal control systems with applications to the theory of economic growth," Journal of Economic Theory, Elsevier, vol. 12(1), pages 164-190, February.
    8. Klenow, Peter J. & Rodriguez-Clare, Andres, 1997. "Economic growth: A review essay," Journal of Monetary Economics, Elsevier, vol. 40(3), pages 597-617, December.
    9. Walter Buhr & Thomas Christiaans, 2000. "Economic Decisions by Approved Principles: Rules of Thumb as Behavioral Guidelines," Volkswirtschaftliche Diskussionsbeiträge 89-00, Universität Siegen, Fakultät Wirtschaftswissenschaften, Wirtschaftsinformatik und Wirtschaftsrecht.
    10. Eicher, Theo S & Turnovsky, Stephen J, 1999. "Non-scale Models of Economic Growth," Economic Journal, Royal Economic Society, vol. 109(457), pages 394-415, July.
    11. Cass, David & Shell, Karl, 1976. "The structure and stability of competitive dynamical systems," Journal of Economic Theory, Elsevier, vol. 12(1), pages 31-70, February.
    12. Lucas, Robert Jr., 1988. "On the mechanics of economic development," Journal of Monetary Economics, Elsevier, vol. 22(1), pages 3-42, July.
    13. Branstetter, Lee G., 2001. "Are knowledge spillovers international or intranational in scope?: Microeconometric evidence from the U.S. and Japan," Journal of International Economics, Elsevier, vol. 53(1), pages 53-79, February.
    14. Paul M Romer, 1999. "Increasing Returns and Long-Run Growth," Levine's Working Paper Archive 2232, David K. Levine.
    15. Krusell, Per & Smith, Anthony Jr., 1996. "Rules of thumb in macroeconomic equilibrium A quantitative analysis," Journal of Economic Dynamics and Control, Elsevier, vol. 20(4), pages 527-558, April.
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