R&D-based growth in the post-modern era
Holger Strulik (),
Klaus Prettner () and
No 04/2011, ECON WPS - Vienna University of Technology Working Papers in Economic Theory and Policy from Vienna University of Technology, Institute for Mathematical Methods in Economics, Research Group Economics (ECON)
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 R&D-based growth into a unified growth setup with micro-founded fertility and schooling behavior. 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 developed countries - are thus much better than predicted by conventional R&D-based growth theory.
Keywords: R&D; unified growth theory; declining population; fertility; schooling; human capital; post-modern society (search for similar items in EconPapers)
JEL-codes: J13 J24 O10 O30 O40 (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 (2010)
Working Paper: R&D-Based Growth in the Post-Modern Era (2010)
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Persistent link: https://EconPapers.repec.org/RePEc:zbw:tuweco:042011
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