Endogenous innovation in neo-classical growth models: a survey

Article Abstract:

A 'new' neo-classical approach to economic growth, involving either knowledge accumulation and externalities or endogenous innovation, is introduced via several recent studies. A survey of these models is made and compared with the standard Solow neo-classical models. New concepts include increasing returns to scale and consequently, a difference between the equilibrium and optimal growth rate. This approach succeeds in isolating technological change as a major determinant for development, and has important implications for national and international technological policy.

Industrial policy, Technological innovations

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A simple economy with human capital: transitional dynamics, technology shocks, and fiscal policies

Article Abstract:

A dynamic model of a simple economy integrating physical and human capital was developed. The model was constructed to study long-run and short-run growth patterns and incorporated the effects of technological and government spending shocks on an economy. The model also presented insights on how human capital will result in future-oriented determination of wages. The model can be used to examine the impact of wars, taxation and demographic developments.

Human capital

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Aggregate economic fluctuations in endogenous growth models

Article Abstract:

The macroeconomic implications of introducing endogenous growth in a standard neoclassical exogenous growth model are studied. Two types of growth models are considered, namely, a learning-by-doing endogenous growth model and a human capital investment endogenous growth model. Results show that exogenous growth models are more accurate than standard exogenous models in predicting aggregate economic fluctuations, especially labor market activity.

Analysis, Macroeconomics

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