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| Author: | Ben-David, D. Loewy, M. B. |
| Title: | Knowledge dissemination, capital accumulation, trade, and endogenous growth |
| Journal: | Oxford Economic Papers
2000 : OCT, VOL. 52:4, p. 637-650 |
| Index terms: | CAPITAL ACCUMULATION TRADE GROWTH |
| Language: | eng |
| Abstract: | This paper preserves many of the primary features of the standard neoclassical frame-work while introducing some modification that transform it into an open economy endogenous growth model with knowledge accumulation. The accumulation of knowledge is determined in part by the extent of knowledge spillovers from abroad, which in turn are affected by commercial policy that regulates the extent of trade between countries. The model predicts that trade liberalization (even if it is unilateral) will increase steady-state output growth in all countries while benefiting the liberalizing country the most in terms of relative income levels. This paper modifies the standard neoclassical closed-economy exogenous growth model by extending it into an open economy model that includes knowledge as factor of production. |
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