Endogenous Technological Change
Journal of Political Economy, 1990, vol. 98, issue 5, S71-102
Growth in this model is driven by technological change that arises from intentional investment decisions made by profit-maximizing agents. The distinguishing feature of the technology as an input is that it is not a conventional good or a public good; it is a nonrival, partially excludable good. Because of the noconvexity introduced by a nonrival good, price-taking competition cannot be supported. Instead, the equilibrium is one with monopolistic competition. The main conclusions are that the stock of human capital determines the rate of growth, that too little human capital is devoted to research in equilibrium, that integration into world markets will increase growth rates, and that a large population is not sufficient to generate growth. Copyright 1990 by University of Chicago Press.
References: Add references at CitEc
Citations View citations in EconPapers (1953) Track citations by RSS feed
Downloads: (external link)
http://links.jstor.org/sici?sici=0022-3808%2819901 ... O%3B2-8&origin=repec full text (application/pdf)
Access to full text is restricted to subscribers. See http://www.journals.uchicago.edu/JPE for details.
Working Paper: Endogenous Technological Change (1999)
Working Paper: Endogenous Technological Change (1989)
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
Persistent link: https://EconPapers.repec.org/RePEc:ucp:jpolec:v:98:y:1990:i:5:p:s71-102
Access Statistics for this article
More articles in Journal of Political Economy from University of Chicago Press
Bibliographic data for series maintained by Journals Division ().