A Critical Investigation of Long-run Preperties of Endogenous Growth Models

Mutsuhiro Kato

ビジネス創造センターディスカッション・ペーパー (Discussion papers of the Center for Business Creation) from Otaru University of Commerce

Abstract: This paper presents a critical investigation of long-run properties of endogenous growth models. A growth model is said to have desirable long-run properties when there is a unique steady state with sustained growth and when expressions of the steady state growth rates are robust for changes in values of parameters. It is shown that endogenous growth models never have the desirable long-run properties, whereas exogenous growth model do have them. These results reinforce the argument of Solow’s skepticism about new growth theory and establish that the Solow model is still the standard model of economic growth.

Pages: 24 pages
Date: 2006-05
References: Add references at CitEc
Citations:

Published in Discussion paper series (2006), 106: 1-24

There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:ota:busdis:10252/4280

Access Statistics for this paper

More papers in ビジネス創造センターディスカッション・ペーパー (Discussion papers of the Center for Business Creation) from Otaru University of Commerce Contact information at EDIRC.
Bibliographic data for series maintained by Miura, Chiho ().