Increasing Returns and New Developments in the Theory of Growth / Paul M. Romer.

By:

Romer, Paul M

Contributor(s):

National Bureau of Economic Research

Material type: Text

TextSeries: Working Paper Series (National Bureau of Economic Research) ; no. w3098.Publication details: Cambridge, Mass. National Bureau of Economic Research 1989.Description: 1 online resource: illustrations (black and white)Online resources:

Available additional physical forms:

Hardcopy version available to institutional subscribers

Abstract: From the beginning, growth theory has been faced with technically challenging questions about increasing returns and the way to capture ideas in a model of market exchange. Initially, reliance on perfect competition forced growth theory to narrow its scope. Recently, new tools for studying dynamic equilibria with nonconvexities, externalities, and imperfect competition have allowed growth theory to address broader questions like: Why have growth rates tended to increase over time? Why is it that flows of capital are not sufficient to equalize wages in different countries? How is it that trade policy, or aggregate research and development expenditure, or the extent of patent protection influences the rate of growth?

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Item type	Home library	Collection	Call number	Status	Date due	Barcode	Item holds
Working Paper	Biblioteca Digital	Colección NBER	nber w3098 (Browse shelf(Opens below))	Not For Loan

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Previous	nber w30977 The Slow Diffusion of Earnings Inequality /	nber w30978 Relational Contracts: Recent Empirical Advancements and Open Questions /	nber w30979 The Nature of Long-Term Unemployment: Predictability, Heterogeneity and Selection /	nber w3098 Increasing Returns and New Developments in the Theory of Growth /	nber w30980 Mutual Fund Flows and the Supply of Capital in Municipal Financing /	nber w30981 Automating Automaticity: How the Context of Human Choice Affects the Extent of Algorithmic Bias /	nber w30982 Inflation and Asset Returns /	Next

September 1989.

From the beginning, growth theory has been faced with technically challenging questions about increasing returns and the way to capture ideas in a model of market exchange. Initially, reliance on perfect competition forced growth theory to narrow its scope. Recently, new tools for studying dynamic equilibria with nonconvexities, externalities, and imperfect competition have allowed growth theory to address broader questions like: Why have growth rates tended to increase over time? Why is it that flows of capital are not sufficient to equalize wages in different countries? How is it that trade policy, or aggregate research and development expenditure, or the extent of patent protection influences the rate of growth?