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Internal Increasing Returns to Scale and Economic Growth
List, John A. - 2012
This study develops a model of endogenous growth based on increasing returns due to firms' technology choices. Particular attention is paid to the implications of these choices, combined with the substitution of capital for labor, on economic growth in a general equilibrium model in which the...
Persistent link: https://www.econbiz.de/10013112760
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Economic Integration and Endogenous Growth
Rivera-Batiz, Luis A.; Romer, Paul M. - 2021
In a world with two similar, developed economies, economic integration can cause a permanent increase in the worldwide rate of growth. Starting from a position of isolation, closer integration can be achieved by increasing trade in goods or by increasing flows of ideas. We consider two models...
Persistent link: https://www.econbiz.de/10013215362
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Internal Increasing Returns to Scale and Economic Growth
List, John A.; Zhou, Haiwen - 2021
This study develops a model of endogenous growth based on increasing returns due to firms' technology choices. Particular attention is paid to the implications of these choices, combined with the substitution of capital for labor, on economic growth in a general equilibrium model in which the...
Persistent link: https://www.econbiz.de/10013225176
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Growth Without Scale Effects
Young, Alwyn - 2021
An increase in the size (scale) of an economy increases the total quantity of rents that can be captured by successful innovators which, in equilibrium, should lead to a rise in innovative activity. Conventional wisdom and the theoretical predictions of models of endogenous innovation suggest...
Persistent link: https://www.econbiz.de/10013236698
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Population and Ideas : A Theory of Endogenous Growth
Jones, Charles I. - 2021
Why do economies exhibit sustained growth in per capita income? This paper argues that endogenous fertility and increasing returns to scale are the fundamental ingredients in understanding endogenous growth. Endogenous fertility leads the scale of the economy to grow over time. Increasing...
Persistent link: https://www.econbiz.de/10013243627
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The World Income Distribution
Acemoglu, Daron; Ventura, Jaume - 2021
We show that even in the absence of diminishing returns in production and techno-logical spillovers, international trade leads to a stable world income distribution. This is because specialization and trade introduce de facto diminishing returns: countries that accumulate capital faster than...
Persistent link: https://www.econbiz.de/10013249141
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Time-Varying Fund Manager Skill
Kacperczyk, Marcin T. - 2011
Mutual fund managers can outperform the market by picking stocks or timing the market successfully. Previous work has estimated picking and timing skill, assuming that each manager is endowed with a fixed amount of each and found some evidence of picking skills and little evidence of timing...
Persistent link: https://www.econbiz.de/10013118131
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Evidence on Growth, Increasing Returns and the Extent of the Market
Beaulieu, Joseph - 2011
We examine two sets of economies, (19th century U.S. states and 20th century less developed countries) where growth rates are positively correlated with initial levels of development to document how these dynamic increasing returns operate. We find that open economies do not display a positive...
Persistent link: https://www.econbiz.de/10013124835
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Increasing Returns and New Developments in the Theory of Growth
Romer, Paul M. - 2021
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 … competition have allowed growth theory to address broader questions like: Why have growth rates tended to increase over time? Why …
Persistent link: https://www.econbiz.de/10013310566
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Using Firm Optimization to Evaluate and Estimate Returns to Scale
Gorodnichenko, Yuriy - 2008
At the firm level, revenue and costs are well measured but prices and quantities are not. This paper shows that because of these data limitations estimates of returns to scale at the firm level are for the revenue function, not production function. Given this observation, the paper argues that,...
Persistent link: https://www.econbiz.de/10012773179