In an influential paper Mankiw, Romer, and Weil (1992) argue that the evidence on the international disparity in per-capita income levels and growth rates is consistent with a standard Solow model, once it has been augmented to include human capital as an accumulable factor. In a study on...

In this paper we integrate Schumpeterian endogenous growth into a general equilibrium framework. By explicitely modelling the innovation and technology adoption process we are able to match some stylized economic facts such as entry rates and survival times of firms in the U.S. economy or the...

In neoclassical theory, knowledge generates increasing returns-and therefore growth-because it is a public good that can be costlessly reused once created. In fact, however, much knowledge in the economy is actually tacit and not easily transmitted-and thus not an obvious source of increasing...

Economists have long debated the best way to explain the sources of productivity growth. Neoclassical theory and 'new growth' theory both regard investment - broadly defined to include purchases of tangible assets, human capital expenditures, and research and development efforts - as a critical...

This work presents the evolutionary growth theory, which studies the drivers and patterns of technological change and production together with the (imperfect) mechanisms of coordination among a multitude of firms. This requires to studies economies as complex evolving systems, i.e. as ecologies...

A consensus in the growth literature is that scale effects of R&D are non-existent across mature industrialized economies. However, the scrutiny across emerging economies is lacklustre at best. The empirical studies of scale effects also leave the issues of unbalanced regression (non-standard...

In an influential paper Mankiw, Romer, and Weil (1992) argue that the evidence on the international disparity in levels of per capita income and rates of growth is consistent with a standard Solow model, once it has been augmented to include human capital as an accumulable factor. In a study on...

This paper studies a simple endogenous growth model to explain growth slowdowns. It is designed to explain, for example, the middle income trap often observed in the south-east Asian countries, the U.K.'s productivity puzzle after the Great Recession and the lost decades of Japan in a unified...

This paper presents an overview of the literature on 'cumulative growth'. It is argued that, independently of the 'new' growth theory, these models have achieved the nature of 'endogenous' growth models. Their main differences, however, lie in the assumptions about the equilibrium prevailing in...