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Economic Growth and the Financial Economics of Capital Accumulation under Shifting Technological Change

  • Voxi Heinrich S Amavilah

    (Glendale College)

  • Richard T. Newcomb

    (University of Arizona)

This paper develops a simple and practical framework for characterizing (long-run) economic growth and fluid capital accumulation under shifting technological change. The framework specifies a technological change that depends on exogenous and endogenous factors as well as the interaction between the two sets of factors, and therefore allows for the evaluation of the (a) output/capital ratio via capital stock (balance sheet) adjustments and intensities, (b) value added stream of income via changes in cash flows (income statements) at some rates of change constrained to be compatible with ( c) financial economics of the feasible accumulation of capital investment (sources and uses of funds statement). The model is simple - it is only a single-equation reduced form of a transcendental production function - yet one which can be estimated either as (1) a single equation, (2) three single equations, or (3) a system of three seemingly unrelated equations.

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Paper provided by EconWPA in its series GE, Growth, Math methods with number 0404001.

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Length: 26 pages
Date of creation: 02 Apr 2004
Date of revision:
Handle: RePEc:wpa:wuwpge:0404001
Note: Type of Document - wpd; pages: 26. Made available for comments only. Contains 3 pages of hand-drawn figures. Figures can will be sent by fax or snail mail upon request - free postage in the USA.
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  1. J. Bradford De Long & Lawrence H. Summers, 1990. "Equipment Investment and Economic Growth," NBER Working Papers 3515, National Bureau of Economic Research, Inc.
  2. Goetz, Stephan J. & Hu, Dayuan, 1996. "Economic growth and human capital accumulation: Simultaneity and expanded convergence tests," Economics Letters, Elsevier, vol. 51(3), pages 355-362, June.
  3. 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.
  4. Paul M. Romer, 1994. "The Origins of Endogenous Growth," Journal of Economic Perspectives, American Economic Association, vol. 8(1), pages 3-22, Winter.
  5. Grossman, G.M. & Helpman, E., 1993. "Endogenous, Innovation in the Theory of Growth," Papers 165, Princeton, Woodrow Wilson School - Public and International Affairs.
  6. Graca, Job & Jafarey, Saqib & Philippopoulos, Apostolis, 1995. " Interaction of Human and Physical Capital in a Model of Endogenous Growth," Economic Change and Restructuring, Springer, vol. 28(2-3), pages 93-118.
  7. Peter Klenow & Andrés Rodríguez-Clare, 1997. "The Neoclassical Revival in Growth Economics: Has It Gone Too Far?," NBER Chapters, in: NBER Macroeconomics Annual 1997, Volume 12, pages 73-114 National Bureau of Economic Research, Inc.
  8. T. W. Swan, 1956. "ECONOMIC GROWTH and CAPITAL ACCUMULATION," The Economic Record, The Economic Society of Australia, vol. 32(2), pages 334-361, November.
  9. Homburg, Stefan, 1992. "Efficient Economic Growth," EconStor Books, ZBW - German National Library of Economics, number 92903, December.
  10. Benhabib, Jess & Spiegel, Mark M., 1994. "The role of human capital in economic development evidence from aggregate cross-country data," Journal of Monetary Economics, Elsevier, vol. 34(2), pages 143-173, October.
  11. Samuelson, Paul A., 2002. "Innovational progress sans thrift," Japan and the World Economy, Elsevier, vol. 14(3), pages 281-284, August.
  12. Han, Gaofeng & Kalirajan, Kaliappa & Singh, Nirvikar, 2002. "Productivity and economic growth in East Asia: innovation, efficiency and accumulation," Japan and the World Economy, Elsevier, vol. 14(4), pages 401-424, December.
  13. Jones, Charles I, 1995. "Time Series Tests of Endogenous Growth Models," The Quarterly Journal of Economics, MIT Press, vol. 110(2), pages 495-525, May.
  14. Swan, Trevor W, 2002. "Economic Growth," The Economic Record, The Economic Society of Australia, vol. 78(243), pages 375-80, December.
  15. Weber, Ernst Juerg, 1996. " Economic Growth," Journal of Economic Surveys, Wiley Blackwell, vol. 10(3), pages 357-65, September.
  16. Romer, P.M., 1988. "Capital Accumulation In The Theory Of Long Run Growth," RCER Working Papers 123, University of Rochester - Center for Economic Research (RCER).
  17. N. Gregory Mankiw & David Romer & David N. Weil, 1990. "A Contribution to the Empirics of Economic Growth," NBER Working Papers 3541, National Bureau of Economic Research, Inc.
  18. Romer, Paul, 1993. "Idea gaps and object gaps in economic development," Journal of Monetary Economics, Elsevier, vol. 32(3), pages 543-573, December.
  19. Barro, Robert J. & Lee, Jong-Wha, 1994. "Sources of economic growth," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 40(1), pages 1-46, June.
  20. Mark Rogers, 2003. "A Survey of Economic Growth," The Economic Record, The Economic Society of Australia, vol. 79(244), pages 112-135, 03.
  21. Robert Dixon, 2003. "Trevor Swan on Equilibrium Growth with Technical Progress," The Economic Record, The Economic Society of Australia, vol. 79(247), pages 487-490, December.
  22. Dale W. Jorgenson, 1972. "Investment Behavior and the Production Function," Bell Journal of Economics, The RAND Corporation, vol. 3(1), pages 220-251, Spring.
  23. Paul Romer, 1989. "Endogenous Technological Change," NBER Working Papers 3210, National Bureau of Economic Research, Inc.
  24. Gemmell, Norman, 1995. " Endogenous Growth, the Solow Model and Human Capital," Economic Change and Restructuring, Springer, vol. 28(2-3), pages 169-83.
  25. Desai, Meghnad, 1995. " An Endogenous Growth Cycle with Vintage Capital," Economic Change and Restructuring, Springer, vol. 28(2-3), pages 87-91.
  26. Kosobud, Richard F & O'Neill, William D, 1974. "A Growth Model with Population Endogenous," American Economic Review, American Economic Association, vol. 64(2), pages 27-32, May.
  27. Tamura, Robert, 1991. "Income Convergence in an Endogenous Growth Model," Journal of Political Economy, University of Chicago Press, vol. 99(3), pages 522-40, June.
  28. Edward L. Glaeser & Gary S. Becker & Kevin M. Murphy, 1999. "Population and Economic Growth," American Economic Review, American Economic Association, vol. 89(2), pages 145-149, May.
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