Knowledge, Consumption, and Endogenous Growth

Posted: 11 Jun 2001

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Abstract

In neoclassical theory, knowledge generates increasing returns-and therefore growth-because it is a public good that can be costlessly reused once created. In fact, however, much knowledge in the economy is actually tacit and not easily transmitted-and thus not an obvious source of increasing returns. Several writers have responded to this alarming circumstances by affirming hopefully that knowledge today is increasingly codified, general, and abstract-and increasingly less tacit. This paper disputes such a trend. But all is not lost: for knowledge does not have to be codified to be reused and therefore to generate economic growth.

Keywords: Tacit knowledge, Increasing returns, Growth theory, Knowledge reuse, Codification

JEL Classification: O3, O4

Suggested Citation

Langlois, Richard N., Knowledge, Consumption, and Endogenous Growth. Journal of Evolutionary Economics, Vol. 11, No. 1. Available at SSRN: https://ssrn.com/abstract=257785

Richard N. Langlois (Contact Author)

University of Connecticut ( email )

304 Oak Hall
Unit 1063
Storrs, CT 06269-1063
United States
860-486-3472 (Phone)
860-486-4463 (Fax)

HOME PAGE: http://langlois.uconn.edu/

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