Capital Accumulation and Innovation as Complementary Factors in Long-Run Growth

Journal of Economic Growth - Tập 3 Số 2 - Trang 111-130 - 1998
Howitt, Peter1, Aghion, Philippe2
1Department of Economics, The Ohio State University, Columbus, USA
2Department of Economics, University College, London and EBRD, London, United Kingdom

Tóm tắt

We study capital accumulation and innovation as determinants of long-run growth by adding capital to our earlier model of creative destruction. No special functional forms are imposed on the aggregate production function. The equations describing perfect foresight equilibrium are identical to those of the augmented Ramsey-Cass-Koopmans model, except that the rate of technological change is a function of the stock of capital per effective worker. Contrary to previous models, a subsidy to capital accumulation will raise the long-run growth rate. The key assumption is that capital is used in R and D. Some evidence is presented on the capital intensity of R and D.

Từ khóa


Tài liệu tham khảo

citation_journal_title=Econometrica; citation_title=A Model of Growth Through Creative Destruction; citation_author=P. Aghion, P. Howitt; citation_volume=60; citation_publication_date=1992; citation_pages=323-351; citation_id=CR1

citation_journal_title=Empirical Economics; citation_title=The Observational Implications of Schumpeterian Growth Theory; citation_author=P. Aghion, P. Howitt; citation_volume=21; citation_publication_date=1996; citation_pages=13-25; citation_id=CR2

citation_title=Endogenous Growth Theory; citation_publication_date=1998; citation_id=CR3; citation_author=P. Aghion; citation_author=P. Howitt; citation_publisher=MIT Press

Arroyo, C. R., E. Dinopoulos, and S. G. Donald. (1994). “Schumpeterian Growth and Capital Accumulation: Theory and Evidence.” Unpublished manuscript.

citation_title=Economic Growth; citation_publication_date=1995; citation_id=CR5; citation_author=R. J. Barro; citation_author=X. Sala-i-Martin; citation_publisher=McGraw-Hill

citation_title=Macroeconomics; citation_publication_date=1997; citation_id=CR6; citation_author=O. J. Blanchard; citation_publisher=Prentice-Hall

citation_title=How High Are the Giants' Shoulders: An Empirical Assessment of Knowledge Spillovers and Creative Destruction in a Model of Economic Growth; citation_inbook_title=NBER Macroeconomics Annual, 1993; citation_publication_date=1993; citation_id=CR7; citation_author=R. J. Caballero; citation_author=A. B. Jaffe; citation_publisher=MIT Press

citation_journal_title=Research Evaluation; citation_title=On the Measurement of Real R&D: Divisia Price Indices for UK Business Enterprise R&D; citation_author=G. Cameron; citation_volume=6; citation_publication_date=1996; citation_pages=215-219; citation_id=CR8

citation_journal_title=Survey of Current Business; citation_title=A Satellite Account for Research and Development; citation_author=C. S. Carson; citation_volume=74; citation_publication_date=1994; citation_pages=37-71; citation_id=CR9

citation_journal_title=Quarterly Journal of Economics; citation_title=Equipment Investment and Economic Growth; citation_author=J. B. De Long, L. H. Summers; citation_volume=106; citation_publication_date=1991; citation_pages=445-502; citation_id=CR10

citation_journal_title=Scandinavian Journal of Economics; citation_title=The Search for R&D Spillovers; citation_author=Z. Griliches; citation_volume=94; citation_publication_date=1992; citation_pages=29-47; citation_id=CR11

citation_title=Innovation and Growth in the Global Economy; citation_publication_date=1991; citation_id=CR12; citation_author=G. M. Grossman; citation_author=E. Helpman; citation_publisher=MIT Press

Howitt, P. (1997). “Capital Accumulation and Innovation in Endogenous Growth: Confronting the Facts.” Mimeo, Ohio State University.

Jankowski, J. E. (1990). “Construction of a Price Index for Industrial R&D Inputs.” NSF Working Paper.

citation_journal_title=Journal of Political Economy; citation_title=R&D-Based Models of Economic Growth; citation_author=C. I. Jones; citation_volume=103; citation_publication_date=1995; citation_pages=759-784; citation_id=CR15

citation_title=Productivity; citation_publication_date=1995; citation_id=CR16; citation_author=D. W. Jorgenson; citation_publisher=MIT Press

citation_journal_title=American Economic ReviewProceedings; citation_title=Equilibrium R&D and the Patent-R&D Ratio: U.S. Evidence; citation_author=S. Kortum; citation_volume=83; citation_publication_date=1993; citation_pages=450-457; citation_id=CR17

citation_journal_title=Quarterly Journal of Economics; citation_title=A Contribution to the Empirics of Economic Growth; citation_author=N. G. Mankiw, D. Romer, D. N. Weil; citation_volume=107; citation_publication_date=1992; citation_pages=407-438; citation_id=CR18

citation_journal_title=Quarterly Journal of Economics; citation_title=Economic Integration and Endogenous Growth; citation_author=L. A. Rivera-Batiz, P. M. Romer; citation_volume=106; citation_publication_date=1991; citation_pages=531-555; citation_id=CR19

citation_title=Advanced Macroeconomics; citation_publication_date=1996; citation_id=CR20; citation_author=D. Romer; citation_publisher=McGraw-Hill

citation_journal_title=Journal of Political Economy; citation_title=Endogenous Technological Change; citation_author=P. M. Romer; citation_volume=98; citation_publication_date=1990; citation_pages=S71-S102; citation_id=CR21

citation_journal_title=Journal of Economic History; citation_title=Technological Change in the Machine Tool Industry, 1840-1910; citation_author=N. Rosenberg; citation_volume=23; citation_publication_date=1963; citation_pages=414-443; citation_id=CR22

citation_title=A New View of Economic Growth; citation_publication_date=1989; citation_id=CR23; citation_author=M. F. Scott; citation_publisher=Clarendon Press

citation_title=The Theory of Industrial Organization; citation_publication_date=1988; citation_id=CR24; citation_author=J. Tirole; citation_publisher=MIT Press

citation_journal_title=Quarterly Journal of Economics; citation_title=The Tyranny of Numbers: Confronting the Statistical Realities of the East Asian Growth Experience; citation_author=A. Young; citation_volume=110; citation_publication_date=1995; citation_pages=641-680; citation_id=CR25

Thông tin
Thông tin xuất bản

Journal of Economic Growth

Tập 3 Số 2

111-130

Thông tin tác giả