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| Author: | Lucas, R.E.Jr. |
| Title: | Ideas and growth |
| Journal: | Economica
2009 : FEB, VOL. 76:301, p. 1-19 |
| Index terms: | knowledge growth technological change models |
| Language: | eng |
| Abstract: | This article introduces a new model of endogenous technological change, viewed as the product of a class of problem-solving producers. The model which is based on earlier work by Eaton and Kortum assumes that all knowledge resides in the head of some individual person and the knowledge of a firm, or economy or any group of people is simply the knowledge of the individuals that comprise it. The model is applied to an economy with a cohort structure. A calibration of the model is cosidered using cross-section earnings data in addition to aggregate GDP growth. |
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