search query: @indexterm Economic growth / total: 1784
reference: 240 / 1784
| Author: | Funke, M. Strulik, H. |
| Title: | On endogenous growth with physical capital, human capital and product variety |
| Journal: | European Economic Review
2000 : MAR, VOL. 44:3, p. 491-515 |
| Index terms: | Economic growth Human capital Products Theories Models |
| Language: | eng |
| Abstract: | This paper sets up an endogenous growth model with physical capital, human capital and blueprints for intermediate goods. The model can generate steady-state growth or stagnation. Along the adjustment path for a developing economy, different stages of development can be distinguished. The 1st stage is characterized by physical factor accumulation. At the 2nd stage, the economy follows a growth path which is mainly characterized by the accumulation of skills. Growth of the fully developed economy is identified by an increasing variety of goods originating from costly R&D efforts. Transition to a higher stage of development is explained endogenously. Thus, the model provides a high degree of generality by encompassing the standard neoclassical growth model and modern endogenous growth theory. |
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