R&D-Based Growth in the Post-Modern Era
Holger Strulik (),
Klaus Prettner () and
No 1009, VID Working Papers from Vienna Institute of Demography (VID) of the Austrian Academy of Sciences in Vienna
Conventional R&D-based growth theory suggests that productivity growth is positively correlated with population size or population growth, an implication which is hard to see in the data. Here we integrate micro-founded fertility and schooling into an otherwise standard R&D-based growth model. We then show how a Beckerian child quality-quantity trade-off explains why higher growth of productivity and income per capita are associated with lower population growth. The medium-run prospects for future economic growth - when fertility is going to be below replacement level in virtually all fully developed countries - are thus much better than predicted by conventional R&D-based growth theory..
Keywords: Endogenous growth; R&D; declining population; fertility; schooling; human capital; postmodern society; post-transitional fertility. (search for similar items in EconPapers)
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Working Paper: R&D-based Growth in the Post-modern Era (2011)
Working Paper: R&D-based growth in the post-modern era (2011)
Working Paper: R\&D-based Growth in the Post-modern Era (2010)
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Persistent link: https://EconPapers.repec.org/RePEc:vid:wpaper:1009
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