R & D-Based Models of Economic Growth
This paper argues that the "scale effects" prediction of many recent R & D-based models of growth is inconsistent with the time-series evidence from industrialized economies. A modified version of the Romer model that is consistent with this evidence is proposed, but the extended model...
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| Veröffentlicht in: | The Journal of political economy 1995-08, Vol.103 (4), p.759-784 |
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| container_end_page | 784 |
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| container_issue | 4 |
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| container_title | The Journal of political economy |
| container_volume | 103 |
| creator | Jones, Charles I. |
| description | This paper argues that the "scale effects" prediction of many recent R & D-based models of growth is inconsistent with the time-series evidence from industrialized economies. A modified version of the Romer model that is consistent with this evidence is proposed, but the extended model alters a key implication usually found in endogenous growth theory. Although growth in the extended model is generated endogenously through R & D, the long-run growth rate depends only on parameters that are usually taken to be exogenous, including the rate of population growth. |
| doi_str_mv | 10.1086/262002 |
| format | Article |
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A modified version of the Romer model that is consistent with this evidence is proposed, but the extended model alters a key implication usually found in endogenous growth theory. 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A modified version of the Romer model that is consistent with this evidence is proposed, but the extended model alters a key implication usually found in endogenous growth theory. Although growth in the extended model is generated endogenously through R & D, the long-run growth rate depends only on parameters that are usually taken to be exogenous, including the rate of population growth.</description><subject>Development</subject><subject>Economic externalities</subject><subject>Economic Growth</subject><subject>Economic growth models</subject><subject>Economic growth rate</subject><subject>Economic modeling</subject><subject>Economic models</subject><subject>Growth models</subject><subject>Growth rates</subject><subject>Half lives</subject><subject>Industrial policy</subject><subject>Industrialized nations</subject><subject>Labour force</subject><subject>Modeling</subject><subject>Political economy</subject><subject>Population growth</subject><subject>Productivity</subject><subject>R&D</subject><subject>Research & development</subject><subject>Research and development</subject><subject>Steady state economies</subject><subject>Studies</subject><subject>Technological change</subject><issn>0022-3808</issn><issn>1537-534X</issn><fulltext>true</fulltext><rsrctype>article</rsrctype><creationdate>1995</creationdate><recordtype>article</recordtype><sourceid>7UB</sourceid><recordid>eNqFkE9LAzEUxIMoWKt-Ag-LYG-reXn5e9Raq1ARRMFbiNkstmwbTbaI395IRcGLc3nD48fADCGHQE-BannGJKOUbZEBCFS1QP60TQblw2rUVO-SvZwXtAgoDsjJfTWqLusLl0NT3cYmdLmKbTXxcRWXc19NU3zvX_bJTuu6HA6-75A8Xk0extf17G56Mz6f1R4R-low6blURmkQUhpuDNNBSM4QqfZKtfSZATYYHHguaPBNMRg4Y9IZpzwOyWiT-5ri2zrk3i7n2Yeuc6sQ19lKAJAM4V8QtVKGGVXA4z_gIq7TqpSwYAQHziX_TfMp5pxCa1_TfOnShwVqvza1m00LeLQBF7mP6YcqpbTQgJ9oiWwp</recordid><startdate>19950801</startdate><enddate>19950801</enddate><creator>Jones, Charles I.</creator><general>The University of Chicago Press</general><general>University of Chicago, acting through its Press</general><scope>AAYXX</scope><scope>CITATION</scope><scope>8BJ</scope><scope>FQK</scope><scope>JBE</scope><scope>7UB</scope></search><sort><creationdate>19950801</creationdate><title>R & D-Based Models of Economic Growth</title><author>Jones, Charles I.</author></sort><facets><frbrtype>5</frbrtype><frbrgroupid>cdi_FETCH-LOGICAL-c331t-526c4679781566949928e56423308c77f0b213d3ea1c450ecda1c3e4226a9a7c3</frbrgroupid><rsrctype>articles</rsrctype><prefilter>articles</prefilter><language>eng</language><creationdate>1995</creationdate><topic>Development</topic><topic>Economic externalities</topic><topic>Economic Growth</topic><topic>Economic growth models</topic><topic>Economic growth rate</topic><topic>Economic modeling</topic><topic>Economic models</topic><topic>Growth models</topic><topic>Growth rates</topic><topic>Half lives</topic><topic>Industrial policy</topic><topic>Industrialized nations</topic><topic>Labour force</topic><topic>Modeling</topic><topic>Political economy</topic><topic>Population growth</topic><topic>Productivity</topic><topic>R&D</topic><topic>Research & development</topic><topic>Research and development</topic><topic>Steady state economies</topic><topic>Studies</topic><topic>Technological change</topic><toplevel>peer_reviewed</toplevel><toplevel>online_resources</toplevel><creatorcontrib>Jones, Charles I.</creatorcontrib><collection>CrossRef</collection><collection>International Bibliography of the Social Sciences (IBSS)</collection><collection>International Bibliography of the Social Sciences</collection><collection>International Bibliography of the Social Sciences</collection><collection>Worldwide Political Science Abstracts</collection><jtitle>The Journal of political economy</jtitle></facets><delivery><delcategory>Remote Search Resource</delcategory><fulltext>fulltext</fulltext></delivery><addata><au>Jones, Charles I.</au><format>journal</format><genre>article</genre><ristype>JOUR</ristype><atitle>R & D-Based Models of Economic Growth</atitle><jtitle>The Journal of political economy</jtitle><date>1995-08-01</date><risdate>1995</risdate><volume>103</volume><issue>4</issue><spage>759</spage><epage>784</epage><pages>759-784</pages><issn>0022-3808</issn><eissn>1537-534X</eissn><coden>JLPEAR</coden><abstract>This paper argues that the "scale effects" prediction of many recent R & D-based models of growth is inconsistent with the time-series evidence from industrialized economies. A modified version of the Romer model that is consistent with this evidence is proposed, but the extended model alters a key implication usually found in endogenous growth theory. Although growth in the extended model is generated endogenously through R & D, the long-run growth rate depends only on parameters that are usually taken to be exogenous, including the rate of population growth.</abstract><cop>Chicago</cop><pub>The University of Chicago Press</pub><doi>10.1086/262002</doi><tpages>26</tpages></addata></record> |
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| ispartof | The Journal of political economy, 1995-08, Vol.103 (4), p.759-784 |
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| language | eng |
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| source | Jstor Complete Legacy; Worldwide Political Science Abstracts; EBSCOhost Business Source Complete |
| subjects | Development Economic externalities Economic Growth Economic growth models Economic growth rate Economic modeling Economic models Growth models Growth rates Half lives Industrial policy Industrialized nations Labour force Modeling Political economy Population growth Productivity R&D Research & development Research and development Steady state economies Studies Technological change |
| title | R & D-Based Models of Economic Growth |
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