Endogeneity, Knowledge and Dynamics of Long Run Capitalist Economic Growth
The revival of interest in economic growth and technological leadership issues has resulted in the re-examination of the theoretical foundations of the economics of growth. The neoclassical concerns with steady state paths and neo-Keynesian focus on short-term issues have remained intact in this process. However the 'new economics of growth' extensions proposed by Lucas (1988) and Romer (1986) and attempts by Scott (1989) to explain technological progress, do not address Arrow's (1962) concerns or explain Kuznet's (1957) and Maddison's (1991) empirical telescoping of the economic growth experience of the last two hundred years. This paper attempts to address some of these issues by developing a model which adopts Aghion and Howitt's (1992) suggestion to examine endogenous growth in the form of technological innovation in monopolistic capital goods production.
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