The Origins of Endogenous Growth
- (pp. 3-22)
AbstractThis paper describes two strands of work that converged under the heading of 'endogenous growth.' One strand, which is primarily empirical, asks whether there is a general tendency for poor countries to catch up with rich countries. The other strand, which is primarily theoretical, asks what modifications are necessary to construct a theory of aggregate growth that takes the economics of discovery, innovation, and technological change seriously. The paper argues that the second strand of work will ultimately have a more significant impact on our understanding of growth and our approach to aggregate theory.
CitationRomer, Paul M. 1994. "The Origins of Endogenous Growth." Journal of Economic Perspectives, 8 (1): 3-22. DOI: 10.1257/jep.8.1.3
- O40 Economic Growth and Aggregate Productivity: General
- O11 Macroeconomic Analyses of Economic Development