Wachstum und endogener technologischer Wandel - Eine Kritik des Wachstumsmodells von Paul Romer aus der Perspektive der Evolutorischen Ökonomik

Dunn Malcolm H.

ORDO. Jahrbuch für die Ordnung von Wirtschaft und Gesellschaft, 2000, vol. 51, issue 1, 277-300

Abstract: For at least ten years, we have recognized a new type of models of growth which claim to make the explanation of economic growth endogenous. This paper analyzes the inner logic of one of the most prominent models of endogenous growth: Paul Romer’s contribution „Endogenous Technological Change“. Although Romer’s model captures some of the features of technological advance, for instance the relevance of externalities and imperfect competition, it also neglects many aspects which seem to be equally important: First, entrepreneurs do not act under the condition of perfect foresight. Second, an increase of research efforts does not necessarily lead to an increase of „designs“ (innovations) and an increase of designs does not necessarily trigger economic growth. Third, the speed and direction of technological advance is highly dependent upon its institutional framework, i.e. the economic and social order. This paper attempts to show that technological change can be better interpreted as an open process which is driven by entrepreneurs acting under true uncertainty. Another suggestion of this survey is that more emphasis must be placed on forces that escape an easy formalization, for instance the achievement motivation, the competence of market participants and the system of property rights.

Date: 2000
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DOI: 10.1515/ordo-2000-0113

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