Economics Dictionary of ArgumentsHome
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| Economic growth: Economic growth is the increase in the production of goods and services in an economy over a period of time. It is typically measured as a percentage change in real gross domestic product (GDP), which is the total value of all goods and services produced in a country in a given year, adjusted for inflation. See also Economy, Economic development._____________Annotation: The above characterizations of concepts are neither definitions nor exhausting presentations of problems related to them. Instead, they are intended to give a short introduction to the contributions below. – Lexicon of Arguments. | |||
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Peter W. Howitt on Economic Growth - Dictionary of Arguments
Aghion I 323 Economic growth/innovation/thesis/Aghion/Howitt: Both the average growth rate and the variance of the growth rate are increasing functions of the size of innovations, the size of the skilled labor force, and the productivity of research as measured by a parameter indicating the effect of research on the Poisson arrival rate of innovations; and decreasing functions of the rate of time preference of the representative individual. >Research and Development, >Skilled labour, >Productivity, >Time preference. Under laissez faire the economy's growth rate may be more or less than optimal because, in addition to the appropriability and intertemporal spillover effects of other endogenous growth models, which tend to make growth slower than optimal, the model also has effects that work in the opposite direction. >Laisser-faire, >Knowledge spillover, >Endogenous growth, cf. >Exogenous growth. In particular, the fact that private research firms do not internalize the destruction of rents generated by their innovations introduces a business-stealing effect similar to that found in the partial-equilibrium patent race literature. >Patents, >Equilibrium, >Equilibrium theory, >Copyright, >Rent, >Revenue, >Intellectual property. When we endogenize the size of innovations we find that business stealing also makes innovations too small. >Endogenous growth/Aghion/Howitt._____________Explanation of symbols: Roman numerals indicate the source, arabic numerals indicate the page number. The corresponding books are indicated on the right hand side. ((s)…): Comment by the sender of the contribution. Translations: Dictionary of Arguments The note [Concept/Author], [Author1]Vs[Author2] or [Author]Vs[term] resp. "problem:"/"solution:", "old:"/"new:" and "thesis:" is an addition from the Dictionary of Arguments. If a German edition is specified, the page numbers refer to this edition. |
Howitt, Peter W. Aghion I Philippe Aghion Peter W. Howitt A Model of Growth Through Creative Destruction Econometrica, Vol. 60, No. 2 (Mar., 1992), pp. 323-351 1992 |
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