Search results
Results from the WOW.Com Content Network
An endogenous growth theory implication is that policies that embrace openness, competition, change and innovation will promote growth. [ citation needed ] Conversely, policies that have the effect of restricting or slowing change by protecting or favouring particular existing industries or firms are likely, over time, to slow growth to the ...
Endogenous growth theory started with Paul Romer's 1986 paper, [24] borrowing from Arrow's 1962 "learning-by-doing" model which introduced a mechanism to eliminate diminishing returns in aggregate output. [5] [25] A literature on this theory has developed subsequently to Arrow's work. [26]
Jones writes extensively on growth theory especially endogenous growth theory to which he contributed, inter alia, in 1995 his Jones model. He was elected fellow of the American Academy of Arts and Sciences in 2019 and fellow of the Econometric Society in 2020. [3] [4]
Paul Michael Romer (born November 6, 1955) [1] is an American economist and policy entrepreneur who is a University Professor in Economics at Boston College. [2] Romer is best known as the former Chief Economist of the World Bank and for co-receiving the 2018 Nobel Memorial Prize in Economic Sciences (shared with William Nordhaus) for his work in endogenous growth theory. [3]
The AK model of economic growth is an endogenous growth model used in the theory of economic growth, a subfield of modern macroeconomics.In the 1980s it became progressively clearer that the standard neoclassical exogenous growth models were theoretically unsatisfactory as tools to explore long run growth, as these models predicted economies without technological change and thus they would ...
The Uzawa–Lucas model is an economic model that explains long-term economic growth as consequence of human capital accumulation. Developed by Robert Lucas, Jr., [1] building upon initial contributions by Hirofumi Uzawa, [2] it extends the AK model by a two-sector setup, in which physical and human capital are produced by different technologies.
Lucas (1988) is a seminal contribution in the economic development and growth literature. [22] Lucas and Paul Romer heralded the birth of endogenous growth theory and the resurgence of research on economic growth in the late 1980s and the 1990s. [23] [24]
His research focuses on economic growth and innovation. With Peter Howitt, he developed the "Schumpeterian paradigm", and extended the paradigm in several directions; much of the resulting work is summarized in his book titled Endogenous Growth Theory, co-authored with Howitt, and more recently in The Power of Creative Destruction.