Endogenous Growth Theory in a Vintage Capital Model

Pranab K. Bardhan and Rodrigo Priale
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Rodrigo Priale: Escuela de Administracion de Negocios para Graduados Apartado, Peru

No 1040, Center for International and Development Economics Research, Working Paper Series from Center for International and Development Economics Research, Institute for Business and Economic Research, UC Berkeley

Abstract: This is a model of quality ladder of machines in an endogenous growth context, when some machines are scrapped while others coexist with the latest variety, with the economic life of machines endogenously determined as in old vintage-capital models. Policies that affect this economic life of machines (for example, those influencing the gross savings or investment rate, or trade policy in a two-sector open economy) will have an effect on the long-run growth rate.

Keywords: economic obsolescence; modernization of capital; endogenous productivity growth; international economics (search for similar items in EconPapers)
Date: 1996-06-07
Note: oai:cdlib1:iber/cider-1040
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Working Paper: Endogenous Growth Theory in a Vintage Capital Model (1996)
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