Modeling growth: exogenous, endogenous and Schumpeterian growth models

Mehmet Ugur ()

No 14665, Greenwich Papers in Political Economy from University of Greenwich, Greenwich Political Economy Research Centre

Abstract: In this lecture, I review the theoretical origins of the empirical growth models. I begin with the Solow and AK models informed by neoclassical theory. I demonstrate that both models do not make an explicit distinction between capital accumulation and technological progress. They just lump together the physical and human capital. Then I discuss the Schumpeterian growth models with creative destruction and institutions (particularly democracy as a meta-institution). I demonstrate that the Schumpeterian models can address a wider range of questions – particularly those that cannot be addressed satisfactorily by neoclassical models. I conclude by arguing for innovations in growth modeling – particularly for innovations that involve explicit incorporation of product-market competition and non-linearities in the relationship between innovation and growth.

Keywords: Endogenous growth; Capital accumulation; Technological progress; Growth models; Innovation (search for similar items in EconPapers)
JEL-codes: O4 O43 O47 (search for similar items in EconPapers)
Date: 2016-02
New Economics Papers: this item is included in nep-ent, nep-fdg, nep-gro, nep-hpe and nep-ino
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Citations: View citations in EconPapers (2)

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Persistent link: https://EconPapers.repec.org/RePEc:gpe:wpaper:14665

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