|
|
|
|
||||
|
||||
When Economic Growth is Less than ExponentialChristian GrothUniversity of Copenhagen - Department of Economics Karl-Josef KochUniversity of Siegen - School of Economic Disciplines Thomas Michael StegerUniversity of Leipzig/Institute for Theoretical Economics/Macroeconomics; CESifo (Center for Economic Studies and Ifo Institute for Economic Research) February 5, 2008 Economic Theory, Vol. 44, No. 2, 2010 Abstract: This paper argues that growth theory needs a more general notion of “regularity” than that of exponential growth. We suggest that paths along which the rate of decline of the growth rate is proportional to the growth rate itself deserve attention. This opens up for considering a richer set of parameter combinations than in standard growth models. Moreover, it avoids the usual oversimplistic dichotomy of either exponential growth or stagnation. Allowing zero population growth in three different growth models (the Jones R&D-based model, a learning-by-doing model, and an embodied technical change model) serves as illustration that a continuum of “regular” growth processes fill the whole range between exponential growth and complete stagnation.
Keywords: Quasi-arithmetic growth, Regular growth, Semi-endogenous growth, Knife-edge restrictions, Learning by doing, Embodied technical change JEL Classification: O31, O40, O41 Accepted Paper SeriesDate posted: August 8, 2010Suggested CitationContact Information
|
|
||||||||||||||||||||||
© 2013 Social Science Electronic Publishing, Inc. All Rights Reserved.
FAQ
Terms of Use
Privacy Policy
Copyright
This page was processed by apollo1 in 0.328 seconds
