On the Many Kinds of Growth

Zvi Eckstein (), Costas Foulides and Tryphon Kollintzas ()

No 592, CEPR Discussion Papers from C.E.P.R. Discussion Papers

Abstract: In this paper we synthesize exogenous and endogenous sources of economic growth in a stochastic dynamic general equilibrium model. Endogenous growth can be engendered by internal constant returns to scale or by external increasing returns to scale in the production of human capital or in the production of goods. We provide existence and characterization results for a recursive competitive equilibrium. We show how the different sources of growth combine to generate a plethora of potential growth patterns. Of special interest are the possibilities of steady-state exogenous growth with transitional dynamics dictated by endogenous growth and vice versa. We also characterize the social optimum and a tax-subsidy scheme that supports the social optimum as a recursive competitive equilibrium.

Keywords: Endogenous Growth; Exogenous Growth; Recursive Competitive Equilibrium; Social Optimum (search for similar items in EconPapers)
JEL-codes: C62 H21 O41 (search for similar items in EconPapers)
Date: 1991-12
References: Add references at CitEc
Citations: View citations in EconPapers (3)

Downloads: (external link)
http://www.cepr.org/active/publications/discussion_papers/dp.php?dpno=592 (application/pdf)
CEPR Discussion Papers are free to download for our researchers, subscribers and members. If you fall into one of these categories but have trouble downloading our papers, please contact us at subscribers@cepr.org

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:cpr:ceprdp:592

Ordering information: This working paper can be ordered from
http://www.cepr.org/ ... pers/dp.php?dpno=592

Access Statistics for this paper

More papers in CEPR Discussion Papers from C.E.P.R. Discussion Papers Centre for Economic Policy Research, 33 Great Sutton Street, London EC1V 0DX.
Bibliographic data for series maintained by ().