Scale-Invariant Endogenous Growth

Carl-Johan Dalgaard and Claus Thustrup Hansen
Authors registered in the RePEc Author Service: Claus Thustrup Kreiner

No 00-07, EPRU Working Paper Series from Economic Policy Research Unit (EPRU), University of Copenhagen. Department of Economics

Abstract: In this paper we develop a theory of scale-invariant endogenous growth. By this we mean a theory capable of generating a balanced growth path where both the growth rate and the level of GDP per capita are independent of the size of population, where population growth is neither necessary nor conductive for economic growth, and where economic incentives and policy matter for growth. Such a theory arises naturally when endogenous skill formation is added to a basic R&D driven growth model featuring diminishing returns to existing knowledge in creating new ideas.

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Working Paper: Scale-Invariant Endogenous Growth (2000)
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