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- Title
When economic growth is less than exponential.
- Authors
Groth, Christian; Koch, Karl-Josef; Steger, Thomas
- Abstract
This paper argues that growth theory needs a more general notion of “regularity” than that of exponential growth. We suggest that paths along which the rate of decline of the growth rate is proportional to the growth rate itself deserve attention. This opens up for considering a richer set of parameter combinations than in standard growth models. Moreover, it avoids the usual oversimplistic dichotomy of either exponential growth or stagnation. Allowing zero population growth in three different growth models (the Jones R&D-based model, a learning-by-doing model, and an embodied technical change model) serves as illustration that a continuum of “regular” growth processes fill the whole range between exponential growth and complete stagnation.
- Subjects
ECONOMIC development; ECONOMICS; ECONOMIC indicators; GROWTH rate; MATHEMATICAL models; SIMULATION methods &; models; ECONOMIC models; STAGNATION (Economics); BUSINESS cycles
- Publication
Economic Theory, 2010, Vol 44, Issue 2, p213
- ISSN
0938-2259
- Publication type
Article
- DOI
10.1007/s00199-009-0480-y