On Endogenous Growth with Physical Capital, Human Capital and Product Variety

Michael Funke and Holger Strulik ()

Quantitative Macroeconomics Working Papers from Hamburg University, Department of Economics

Abstract: We set up an endogenous growth model with physical capital, human capital and blueprints for intermediate goods. The model can generate steady-state growth or stagnation. Along the adjustment path for a developing economy we can distinguish different stages of development. The first stage is characterized by physical factor accumulation. At the second stage the economy follows a growth path which is mainly characterized by the accumulation of skills. Growth of the fully developed economy is identified by an increasing variety of goods originating from costly R&D efforts. Transition to a higher stage of development is explained endogenously. Thus, the model provides a high degree of generality by encompassing the standard neoclassical growth model and modern endogenous growth theory.

Keywords: Economic; Growth (search for similar items in EconPapers)
JEL-codes: O14 O15 O31 O41 (search for similar items in EconPapers)
Date: 2000-03
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Citations: View citations in EconPapers (135)

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Journal Article: On endogenous growth with physical capital, human capital and product variety (2000)
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Persistent link: https://EconPapers.repec.org/RePEc:ham:qmwops:20004

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