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Endogenous Technological Change

Paul M. Romer
Stanford Graduate School of Business; National Bureau of Economic Research (NBER)


December 1989

NBER Working Paper No. W3210

Abstract:     
Growth in this model is driven by technological change that arises from intentional investment decisions made by profit maximizing agents. The distinguishing feature of the technology as an input is that it is neither a conventional good nor a public good; it is a nonrival, partially excludable good. Because of the nonconvexity introduced by a nonrival good, price-taking competition cannot be supported, and instead, the equilibrium is one with monopolistic competition. The main conclusions are that the stock of human capital determines the rate of growth, that too little human capital is devoted to research in equilibrium, that integration into world markets will increase growth rates, and that having a large populatin is not sufficient to generate growth.

JEL Classifications: 11

Working Paper Series

Date posted: December 04, 2000 ; Last revised: December 04, 2000

Suggested Citation

Romer, Paul M., Endogenous Technological Change (December 1989). NBER Working Paper No. W3210. Available at SSRN: http://ssrn.com/abstract=226703


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Contact Information

Paul M. Romer (Contact Author)
Stanford Graduate School of Business ( email )
L235 Littlefield
Stanford, CA 94305-5015
United States
650-723-3025 (Phone)
650-725-9932 (Fax)

National Bureau of Economic Research (NBER)
1050 Massachusetts Avenue
Cambridge, MA 02138
United States
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