1213:, which is the simplest endogenous model, gives a constant-savings rate of endogenous growth and assumes a constant, exogenous, saving rate. It models technological progress with a single parameter (usually A). The model is based on the assumption that the production function does not exhibit diminishing returns to scale. Various rationales for this assumption have been given, such as positive spillovers from capital investment to the economy as a whole or improvements in technology leading to further improvements. However, the endogenous growth theory is further supported with models in which agents optimally determined the consumption and saving, optimizing the resources allocation to research and development leading to technological progress. Romer (1986, 1990) and significant contributions by Aghion and Howitt (1992) and Grossman and Helpman (1991), incorporated
285:
42:
1044:
1056:
1579:
1753:
transform themselves are destined to fall off the path of economic growth. The countries that most deserve the title of "developing" are not the poorest countries of the world, but the richest. need to engage in the never-ending process of economic development if they are to enjoy continued prosperity.
1685:
correspond to output, labour and substitutive work in the base year. This form of the theory explains growth as a consequence of the dynamics of the production factors, without any arbitrary parameters, which makes it possible to reproduce historical rates of economic growth with considerable
1743:
An endogenous growth theory implication is that policies that embrace openness, competition, change and innovation will promote growth. Conversely, policies that have the effect of restricting or slowing change by protecting or favouring particular existing industries or firms are likely, over time,
1730:
power is thought to exist. Generally monopoly power in these models comes from the holding of patents. These are models with two sectors, producers of final output and an R&D sector: the R&D sector develops ideas which grant them monopoly power. R&D firms are assumed to be able to make
1721:
Often endogenous growth theory assumes constant marginal product of capital at the aggregate level, or at least that the limit of the marginal product of capital does not tend towards zero. This does not imply that larger firms will be more productive than small ones, because at the firm level the
1752:
Sustained economic growth is everywhere and always a process of continual transformation. The sort of economic progress that has been enjoyed by the richest nations since the
Industrial Revolution would not have been possible if people had not undergone wrenching changes. Economies that cease to
1225:.The theory explains growth as a consequence of the dynamics of three factors, among them a technological characteristics of production equipment , without any arbitrary parameters, which makes it possible to reproduce historical rates of economic growth with considerable precision.
1424:
1126:
of a knowledge-based economy which will lead to economic development. The endogenous growth theory primarily holds that the long run growth rate of an economy depends on policy measures. For example,
1154:. They favored a model that replaced the exogenous growth variable (unexplained technical progress) with a model in which the key determinants of growth were explicit in the model. The work of
1769:
Another frequent critique concerns the cornerstone assumption of diminishing returns to capital. Stephen
Parente contends that new growth theory has proved to be no more successful than
1706:). However, the savings rate and rate of technological progress remain unexplained. Endogenous growth theory tries to overcome this shortcoming by building macroeconomic models out of
1710:. Households are assumed to maximize utility subject to budget constraints while firms maximize profits. Crucial importance is usually given to the production of new technologies and
1297:
1574:{\displaystyle Y={\begin{cases}\xi K,&\xi >0\\Y_{0}{\frac {L}{L_{0}}}\left({\frac {L_{0}}{L}}{\frac {P}{P_{0}}}\right)^{\alpha },&0<\alpha <1\end{cases}}}
1683:
1656:
1629:
1409:
1370:
1718:
effects (spillovers are positive externalities, benefits that are attributed to costs from other firms), increasing numbers of goods, increasing qualities, etc.
251:
1602:
1340:
1001:
1086:
1882:
1714:. The engine for growth can be as simple as a constant return to scale production function (the AK model) or more complicated set ups with
3597:
3553:
244:
210:
1218:
119:
620:
396:
237:
2493:
2471:
2452:
2415:
1962:
1847:
1240:
1079:
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2601:
2524:
2089:
1821:
1722:
marginal product of capital is still diminishing. Therefore, it is possible to construct endogenous growth models with
757:
605:
17:
1913:
698:
3622:
1791:; "too much of it involved making assumptions about how unmeasurable things affected other unmeasurable things."
1726:. However, in many endogenous growth models the assumption of perfect competition is relaxed, and some degree of
1072:
3035:
3005:
2995:
2688:
2359:
2257:
1810:
803:
610:
3216:
2039:
2000:
3155:
3128:
2311:
2286:
Ortigueira, Salvador; Santos, Manuel S. (1997). "On the Speed of
Convergence in Endogenous Growth Models".
2249:
2223:
742:
730:
3582:
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2936:
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632:
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172:
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1249:
1146:
In the mid-1980s, a group of growth theorists became increasingly dissatisfied with common accounts of
1107:
752:
735:
615:
205:
1138:
increase the growth rate in some endogenous growth models by increasing the incentive for innovation.
2703:
1770:
1373:
1311:
637:
187:
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2134:
1439:
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3231:
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2818:
2288:
2245:
2150:
2068:
1745:
1194:) omitted technological change; instead, growth in these models is due to indefinite investment in
1131:
826:
791:
196:
128:
66:
61:
3291:
1890:
3241:
3075:
3065:
3055:
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713:
685:
268:
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1028:
779:
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401:
99:
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3226:
3201:
3186:
3160:
3099:
2778:
2718:
2698:
2693:
1932:
the steady-state growth rate in a Rebelo economy is directly proportional to the saving rate.
868:
843:
747:
680:
406:
369:
347:
342:
114:
33:
2399:
1762:
One of the main failings of endogenous growth theories is the collective failure to explain
1118:, and knowledge are significant contributors to economic growth. The theory also focuses on
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3296:
3040:
3010:
2963:
2926:
2852:
2803:
2768:
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2673:
2608:
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1950:
1815:
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445:
220:
104:
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8:
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3150:
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2990:
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1723:
1715:
1415:
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996:
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137:
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833:
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3000:
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2857:
2808:
2748:
2738:
2683:
2678:
2510:
2376:
2351:
2338:
2297:
2274:
2204:
2159:
2148:
Sachs, Jeffrey D.; Warner, Andrew M. (1997). "Fundamental
Sources of Long-Run Growth".
2122:
1864:
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1695:
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948:
675:
642:
580:
225:
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81:
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1958:
1774:
1343:
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968:
813:
808:
532:
457:
76:
56:
3366:
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883:
3491:
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2648:
2574:
2368:
2330:
2266:
2196:
1856:
1778:
1707:
1214:
1199:
1175:
1167:
958:
943:
469:
440:
428:
418:
354:
334:
304:
299:
182:
157:
152:
3371:
2426:
Ten Facts on
Declining Business Dynamism and Lessons from Endogenous Growth Theory
2028:
Pokrovski, V.N. (2007) Productive energy in the US economy, Energy 32 (5) 816-822.
1989:
Pokrovski, V.N. (2007) Productive energy in the US economy, Energy 32 (5) 816-822.
3602:
3496:
3461:
3426:
3361:
3286:
3271:
3165:
3121:
2958:
2892:
2867:
2862:
2838:
2569:
2554:
2436:
1800:
1103:
1060:
963:
923:
903:
769:
570:
565:
560:
527:
499:
359:
90:
71:
1980:
Pokrovski, V.N. (2003). Energy in the theory of production. Energy 28, 769-788.
3516:
3501:
3466:
3451:
3431:
3401:
3221:
2872:
2581:
2549:
2395:
2103:
1159:
1018:
933:
928:
585:
435:
391:
309:
284:
276:
3251:
853:
41:
3616:
3481:
3471:
3446:
3386:
3381:
3376:
3356:
3346:
3316:
3306:
3211:
3111:
3084:
2848:
2099:
1805:
1711:
1195:
1183:
1155:
1111:
953:
938:
913:
898:
893:
888:
863:
858:
522:
484:
381:
162:
3511:
3456:
3351:
3341:
3336:
3261:
3106:
2631:
2559:
1784:
1110:
and not external forces. Endogenous growth theory holds that investment in
1048:
973:
918:
878:
665:
537:
504:
494:
452:
329:
324:
177:
147:
3486:
3476:
3266:
3145:
3089:
2564:
2481:
1703:
978:
489:
474:
1221:
of endogenous productivity growth was proposed by
Russian economist
3396:
3196:
2973:
2380:
2309:
Rebelo, Sergio (1991). "Long-Run Policy
Analysis and Long-Run Growth".
2301:
2200:
2163:
1868:
1842:
1735:
condition means that these profits are dissipated on R&D spending.
1732:
1171:
1115:
908:
838:
774:
725:
1860:
3246:
3176:
2533:
2352:"Optimum Technical Change in an Aggregative Model of Economic Growth"
1787:
criticized endogenous growth theory as nearly impossible to check by
1147:
1135:
1127:
1006:
848:
479:
364:
319:
167:
2372:
3025:
2334:
1727:
1372:, the production function becomes linear in capital thereby giving
1234:
1210:
2047:
2008:
142:
2466:(Second ed.). Cincinnati: South-Western. pp. 357–380.
1694:
In neo-classical growth models, the long-run rate of growth is
1055:
1418:
proposed to write the production function in the united form
2177:
Parente, Stephen (2001). "The
Failure of Endogenous Growth".
647:
423:
2502:
2488:(Fourth ed.). New York: McGraw-Hill. pp. 101–149.
2447:(Second ed.). New York: McGraw-Hill. pp. 205–237.
1731:
monopoly profits selling ideas to production firms, but the
1567:
2462:
Farmer, Roger E. A. (1999). "Endogenous Growth Theory".
1239:
The AK model production function is a special case of a
1744:
to slow growth to the disadvantage of the community.
1664:
1637:
1610:
1590:
1427:
1385:
1352:
1328:
1252:
1202:
on the economy and reduces the diminishing return to
2074:
2040:"Social resources in the theory of economic growth"
2001:"Social resources in the theory of economic growth"
1824:, a microfounded growth model with infinite horizon
1414:To avoid the contradictions, Russian economist
2443:(2004). "One-Sector Models of Endogenous Growth".
2435:
1948:
1677:
1650:
1623:
1596:
1573:
1403:
1364:
1334:
1302:This equation shows a Cobb–Douglas function where
1291:
1689:
1217:and R&D to the growth model. The quantity
1150:factors determining long-run growth, such as the
3614:
2285:
1773:in explaining the income divergence between the
1191:
1306:represents the total production in an economy.
2518:
1781:worlds (despite usually being more complex).
1080:
245:
1845:(1994). "The Origins of Endogenous Growth".
2398:(2009). "Endogenous Technological Change".
2147:
1698:determined by either the savings rate (the
1170:(1967) formed the basis for this research.
2525:
2511:
2250:"On the mechanics of Economic Development"
2037:
1998:
1346:of capital. For the special case in which
1190:) and Ortigueira and Santos (
1087:
1073:
252:
238:
40:
2430:American Economic Journal: Macroeconomics
2424:Akcigit, Ufuk; Ates, Sina T. (2021/01). "
2324:
2190:
1976:
1974:
1288:
2394:
2406:. Princeton University Press. pp.
2221:
2176:
1957:(2nd ed.). New York: McGraw-Hill.
1911:
14:
3615:
2461:
2402:Introduction to Modern Economic Growth
2308:
2067:
1971:
1187:
397:Measures of national income and output
2506:
2480:
2349:
2244:
1841:
1702:) or the rate of technical progress (
1179:
1163:
1944:
1942:
1940:
1848:The Journal of Economic Perspectives
2602:Agent-based computational economics
24:
2388:
2179:Knowledge, Technology & Policy
1766:reported in empirical literature.
25:
3639:
2222:Krugman, Paul (August 18, 2013).
1937:
1292:{\displaystyle Y=AK^{a}L^{1-a}\,}
3060:neoclassical–Keynesian synthesis
1241:Cobb–Douglas production function
1054:
1042:
283:
2215:
2170:
2141:
2061:
1738:
2031:
2022:
1992:
1983:
1905:
1875:
1835:
1818:, "the" exogenous growth model
1690:Versus exogenous growth theory
1002:Publications in macroeconomics
13:
1:
2996:Critique of political economy
2532:
2484:(2011). "Endogenous Growth".
2360:International Economic Review
2258:Journal of Monetary Economics
2238:
2038:Pokrovskii, Vladimir (2021).
1999:Pokrovskii, Vladimir (2021).
1757:
2312:Journal of Political Economy
2271:10.1016/0304-3932(88)90168-7
1914:"The Rebelo AK Growth Model"
1322:is labor, and the parameter
7:
1794:
1228:
1106:is primarily the result of
10:
3644:
3134:Real business-cycle theory
2046:(3): 32–43. Archived from
2007:(3): 32–43. Archived from
1822:Ramsey–Cass–Koopmans model
1232:
753:New neoclassical synthesis
736:Real business-cycle theory
3574:
3532:
3174:
2908:
2657:
2622:
2540:
1811:Feldman–Mahalanobis model
1708:microeconomic foundations
1374:constant returns to scale
1312:total factor productivity
1141:
188:Environmental determinism
105:Neoclassical growth model
2350:Uzawa, Hirofumi (1965).
2289:American Economic Review
2151:American Economic Review
1883:"Monetary Growth Theory"
1828:
1604:is a capital service;
1132:research and development
1100:Endogenous growth theory
758:Saltwater and freshwater
110:Endogenous growth theory
91:Economic growth theories
2774:Industrial organization
2597:Computational economics
2486:Advanced Macroeconomics
2224:"The New Growth Fizzle"
1771:exogenous growth theory
1764:conditional convergence
686:International economics
611:Overlapping generations
3623:Macroeconomic theories
2979:Modern monetary theory
2644:Experimental economics
2614:Pluralism in economics
2587:Mathematical economics
1889:. 2011. Archived from
1755:
1679:
1652:
1625:
1598:
1575:
1405:
1366:
1336:
1293:
1120:positive externalities
1029:Mathematical economics
780:Modern monetary theory
543:Universal basic income
120:Balanced growth theory
2441:Sala-i-Martin, Xavier
1951:Sala-i-Martin, Xavier
1750:
1680:
1678:{\displaystyle P_{0}}
1653:
1651:{\displaystyle L_{0}}
1626:
1624:{\displaystyle Y_{0}}
1599:
1576:
1406:
1404:{\displaystyle Y=AK.}
1367:
1337:
1294:
869:Wesley Clair Mitchell
844:Thomas Robert Malthus
681:Development economics
115:Unified growth theory
34:Development economics
2853:Social choice theory
2609:Behavioral economics
2592:Complexity economics
2082:C. D. Howe Institute
1912:Carroll, C. (2011).
1662:
1635:
1608:
1588:
1425:
1383:
1350:
1326:
1250:
1204:capital accumulation
606:Ramsey–Cass–Koopmans
446:Liquidity preference
129:Fields and subfields
2937:American (National)
2637:Economic statistics
2044:The Complex Systems
2005:The Complex Systems
1724:perfect competition
1416:Vladimir Pokrovskii
1365:{\displaystyle a=1}
1223:Vladimir Pokrovskii
1061:Business portal
997:Macroeconomic model
874:John Maynard Keynes
671:Economic statistics
616:General equilibrium
138:Economic inequality
49:Economies by region
2201:10.1007/BF02693989
1893:on 21 October 2015
1789:empirical evidence
1700:Harrod–Domar model
1675:
1648:
1621:
1594:
1571:
1566:
1401:
1362:
1332:
1289:
1160:Hirofumi Uzawa
949:Edward C. Prescott
676:Monetary economics
100:Harrod–Domar model
3610:
3609:
3141:New institutional
2495:978-0-07-351137-5
2473:978-0-324-12058-5
2454:978-0-262-02553-9
2417:978-0-691-13292-1
1964:978-0-262-02553-9
1861:10.1257/jep.8.1.3
1597:{\displaystyle P}
1531:
1514:
1491:
1344:output elasticity
1335:{\displaystyle a}
1215:imperfect markets
1184:Sergio Rebelo
1124:spillover effects
1097:
1096:
1024:Political economy
979:N. Gregory Mankiw
969:Thomas J. Sargent
814:Market monetarism
628:Endogenous growth
458:National accounts
262:
261:
18:New growth theory
16:(Redirected from
3635:
2814:Natural resource
2649:Economic history
2575:Mechanism design
2527:
2520:
2513:
2504:
2503:
2499:
2477:
2458:
2437:Barro, Robert J.
2421:
2405:
2384:
2356:
2346:
2328:
2305:
2282:
2254:
2232:
2231:
2219:
2213:
2212:
2194:
2174:
2168:
2167:
2145:
2139:
2138:
2132:
2128:
2126:
2118:
2116:
2114:
2109:on July 17, 2011
2108:
2102:. Archived from
2079:
2065:
2059:
2058:
2056:
2055:
2035:
2029:
2026:
2020:
2019:
2017:
2016:
1996:
1990:
1987:
1981:
1978:
1969:
1968:
1946:
1935:
1934:
1929:
1927:
1918:
1909:
1903:
1902:
1900:
1898:
1879:
1873:
1872:
1839:
1816:Solow–Swan model
1684:
1682:
1681:
1676:
1674:
1673:
1657:
1655:
1654:
1649:
1647:
1646:
1630:
1628:
1627:
1622:
1620:
1619:
1603:
1601:
1600:
1595:
1580:
1578:
1577:
1572:
1570:
1569:
1543:
1542:
1537:
1533:
1532:
1530:
1529:
1517:
1515:
1510:
1509:
1500:
1492:
1490:
1489:
1477:
1475:
1474:
1410:
1408:
1407:
1402:
1371:
1369:
1368:
1363:
1341:
1339:
1338:
1333:
1298:
1296:
1295:
1290:
1287:
1286:
1271:
1270:
1200:spillover effect
1176:Robert Lucas
1168:Miguel Sidrauski
1152:Solow–Swan model
1089:
1082:
1075:
1059:
1058:
1049:Money portal
1047:
1046:
1045:
959:William Nordhaus
944:Robert Lucas Jr.
834:François Quesnay
470:Nominal rigidity
441:Demand for money
419:Microfoundations
355:Financial crisis
335:Effective demand
305:Aggregate supply
300:Aggregate demand
287:
264:
263:
254:
247:
240:
183:Decentralization
44:
30:
29:
21:
3643:
3642:
3638:
3637:
3636:
3634:
3633:
3632:
3628:Economic growth
3613:
3612:
3611:
3606:
3603:Business portal
3570:
3569:
3568:
3528:
3292:von Böhm-Bawerk
3180:
3179:
3170:
2942:Ancient thought
2920:
2919:
2913:
2904:
2903:
2902:
2653:
2618:
2570:Contract theory
2555:Decision theory
2536:
2531:
2496:
2474:
2455:
2445:Economic Growth
2432:13(1): 257–298.
2418:
2396:Acemoglu, Daron
2391:
2389:Further reading
2373:10.2307/2525621
2354:
2326:10.1.1.295.3609
2252:
2241:
2236:
2235:
2220:
2216:
2192:10.1.1.471.9285
2175:
2171:
2146:
2142:
2130:
2129:
2120:
2119:
2112:
2110:
2106:
2092:
2077:
2066:
2062:
2053:
2051:
2036:
2032:
2027:
2023:
2014:
2012:
1997:
1993:
1988:
1984:
1979:
1972:
1965:
1955:Economic Growth
1947:
1938:
1925:
1923:
1916:
1910:
1906:
1896:
1894:
1881:
1880:
1876:
1840:
1836:
1831:
1801:Economic growth
1797:
1760:
1741:
1692:
1669:
1665:
1663:
1660:
1659:
1642:
1638:
1636:
1633:
1632:
1615:
1611:
1609:
1606:
1605:
1589:
1586:
1585:
1565:
1564:
1547:
1538:
1525:
1521:
1516:
1505:
1501:
1499:
1498:
1494:
1493:
1485:
1481:
1476:
1470:
1466:
1463:
1462:
1451:
1435:
1434:
1426:
1423:
1422:
1384:
1381:
1380:
1351:
1348:
1347:
1327:
1324:
1323:
1276:
1272:
1266:
1262:
1251:
1248:
1247:
1237:
1231:
1144:
1104:economic growth
1093:
1053:
1043:
1041:
1034:
1033:
992:
984:
983:
964:Joseph Stiglitz
924:Milton Friedman
904:Friedrich Hayek
829:
819:
818:
701:
691:
690:
661:
653:
652:
638:Mundell–Fleming
633:Matching theory
571:Keynesian cross
556:
548:
547:
518:
510:
509:
295:
258:
173:Property Rights
28:
27:Economic theory
23:
22:
15:
12:
11:
5:
3641:
3631:
3630:
3625:
3608:
3607:
3605:
3600:
3595:
3590:
3585:
3580:
3575:
3572:
3571:
3567:
3566:
3561:
3551:
3546:
3540:
3539:
3538:
3536:
3530:
3529:
3527:
3526:
3519:
3514:
3509:
3504:
3499:
3494:
3489:
3484:
3479:
3474:
3469:
3464:
3459:
3454:
3449:
3444:
3439:
3434:
3429:
3424:
3419:
3414:
3409:
3404:
3399:
3394:
3389:
3384:
3379:
3374:
3369:
3364:
3359:
3354:
3349:
3344:
3339:
3334:
3329:
3324:
3319:
3314:
3309:
3304:
3299:
3294:
3289:
3284:
3279:
3274:
3269:
3264:
3259:
3254:
3249:
3244:
3239:
3234:
3229:
3224:
3219:
3214:
3209:
3204:
3199:
3194:
3189:
3183:
3181:
3175:
3172:
3171:
3169:
3168:
3163:
3158:
3153:
3148:
3143:
3138:
3137:
3136:
3126:
3125:
3124:
3114:
3109:
3104:
3103:
3102:
3092:
3087:
3082:
3081:
3080:
3079:
3078:
3068:
3063:
3048:
3043:
3038:
3033:
3028:
3023:
3018:
3013:
3008:
3006:Disequilibrium
3003:
2998:
2993:
2988:
2983:
2982:
2981:
2971:
2966:
2961:
2956:
2955:
2954:
2944:
2939:
2934:
2929:
2923:
2921:
2909:
2906:
2905:
2901:
2900:
2895:
2890:
2885:
2880:
2875:
2870:
2865:
2860:
2855:
2846:
2841:
2836:
2831:
2826:
2821:
2819:Organizational
2816:
2811:
2806:
2801:
2796:
2791:
2786:
2781:
2776:
2771:
2766:
2761:
2756:
2751:
2746:
2741:
2736:
2731:
2726:
2721:
2716:
2711:
2706:
2701:
2696:
2691:
2686:
2681:
2676:
2671:
2665:
2664:
2663:
2661:
2655:
2654:
2652:
2651:
2646:
2641:
2640:
2639:
2628:
2626:
2620:
2619:
2617:
2616:
2611:
2606:
2605:
2604:
2594:
2589:
2584:
2582:Macroeconomics
2579:
2578:
2577:
2572:
2567:
2562:
2557:
2550:Microeconomics
2546:
2544:
2538:
2537:
2530:
2529:
2522:
2515:
2507:
2501:
2500:
2494:
2478:
2472:
2464:Macroeconomics
2459:
2453:
2433:
2422:
2416:
2390:
2387:
2386:
2385:
2347:
2335:10.1086/261764
2306:
2296:(3): 383–399.
2283:
2240:
2237:
2234:
2233:
2228:New York Times
2214:
2169:
2158:(2): 184–188.
2140:
2131:|journal=
2091:978-0888067098
2090:
2071:(April 2007).
2060:
2030:
2021:
1991:
1982:
1970:
1963:
1949:Barro, R. J.;
1936:
1904:
1874:
1833:
1832:
1830:
1827:
1826:
1825:
1819:
1813:
1808:
1803:
1796:
1793:
1759:
1756:
1740:
1737:
1691:
1688:
1672:
1668:
1645:
1641:
1618:
1614:
1593:
1582:
1581:
1568:
1563:
1560:
1557:
1554:
1551:
1548:
1546:
1541:
1536:
1528:
1524:
1520:
1513:
1508:
1504:
1497:
1488:
1484:
1480:
1473:
1469:
1465:
1464:
1461:
1458:
1455:
1452:
1450:
1447:
1444:
1441:
1440:
1438:
1433:
1430:
1412:
1411:
1400:
1397:
1394:
1391:
1388:
1361:
1358:
1355:
1331:
1300:
1299:
1285:
1282:
1279:
1275:
1269:
1265:
1261:
1258:
1255:
1233:Main article:
1230:
1227:
1143:
1140:
1095:
1094:
1092:
1091:
1084:
1077:
1069:
1066:
1065:
1064:
1063:
1051:
1036:
1035:
1032:
1031:
1026:
1021:
1019:Microeconomics
1016:
1015:
1014:
1004:
999:
993:
990:
989:
986:
985:
982:
981:
976:
971:
966:
961:
956:
951:
946:
941:
936:
934:Lawrence Klein
931:
929:Paul Samuelson
926:
921:
916:
911:
906:
901:
896:
891:
886:
884:Michał Kalecki
881:
876:
871:
866:
861:
856:
851:
846:
841:
836:
830:
825:
824:
821:
820:
817:
816:
811:
806:
804:Disequilibrium
801:
800:
799:
792:Post-Keynesian
789:
784:
783:
782:
772:
761:
760:
755:
750:
745:
740:
739:
738:
728:
723:
722:
721:
716:
702:
697:
696:
693:
692:
689:
688:
683:
678:
673:
668:
662:
660:Related fields
659:
658:
655:
654:
651:
650:
645:
640:
635:
630:
625:
624:
623:
613:
608:
603:
598:
593:
588:
586:Phillips curve
583:
578:
573:
568:
563:
557:
554:
553:
550:
549:
546:
545:
540:
535:
530:
525:
519:
516:
515:
512:
511:
508:
507:
502:
497:
492:
487:
482:
477:
472:
467:
466:
465:
455:
450:
449:
448:
438:
436:Money creation
433:
432:
431:
421:
416:
415:
414:
409:
404:
394:
392:Liquidity trap
389:
384:
379:
378:
377:
372:
362:
357:
352:
351:
350:
345:
337:
332:
327:
322:
317:
312:
310:Business cycle
307:
302:
296:
294:Basic concepts
293:
292:
289:
288:
280:
279:
277:Macroeconomics
273:
272:
260:
259:
257:
256:
249:
242:
234:
231:
230:
229:
228:
223:
218:
213:
208:
200:
199:
193:
192:
191:
190:
185:
180:
175:
170:
165:
160:
155:
150:
148:Undernutrition
145:
140:
132:
131:
125:
124:
123:
122:
117:
112:
107:
102:
94:
93:
87:
86:
85:
84:
79:
74:
69:
64:
59:
51:
50:
46:
45:
37:
36:
26:
9:
6:
4:
3:
2:
3640:
3629:
3626:
3624:
3621:
3620:
3618:
3604:
3601:
3599:
3596:
3594:
3591:
3589:
3586:
3584:
3581:
3579:
3576:
3573:
3565:
3562:
3559:
3555:
3552:
3550:
3547:
3545:
3542:
3541:
3537:
3535:
3531:
3525:
3524:
3520:
3518:
3515:
3513:
3510:
3508:
3505:
3503:
3500:
3498:
3495:
3493:
3490:
3488:
3485:
3483:
3480:
3478:
3475:
3473:
3470:
3468:
3465:
3463:
3460:
3458:
3455:
3453:
3450:
3448:
3445:
3443:
3440:
3438:
3435:
3433:
3430:
3428:
3425:
3423:
3420:
3418:
3415:
3413:
3410:
3408:
3405:
3403:
3400:
3398:
3395:
3393:
3390:
3388:
3385:
3383:
3380:
3378:
3375:
3373:
3370:
3368:
3365:
3363:
3360:
3358:
3355:
3353:
3350:
3348:
3345:
3343:
3340:
3338:
3335:
3333:
3330:
3328:
3325:
3323:
3320:
3318:
3315:
3313:
3310:
3308:
3305:
3303:
3300:
3298:
3295:
3293:
3290:
3288:
3285:
3283:
3280:
3278:
3275:
3273:
3270:
3268:
3265:
3263:
3260:
3258:
3255:
3253:
3250:
3248:
3245:
3243:
3240:
3238:
3235:
3233:
3230:
3228:
3225:
3223:
3220:
3218:
3215:
3213:
3210:
3208:
3205:
3203:
3200:
3198:
3195:
3193:
3190:
3188:
3187:de Mandeville
3185:
3184:
3182:
3178:
3173:
3167:
3164:
3162:
3159:
3157:
3154:
3152:
3149:
3147:
3144:
3142:
3139:
3135:
3132:
3131:
3130:
3129:New classical
3127:
3123:
3120:
3119:
3118:
3115:
3113:
3110:
3108:
3105:
3101:
3098:
3097:
3096:
3093:
3091:
3088:
3086:
3085:Malthusianism
3083:
3077:
3074:
3073:
3072:
3069:
3067:
3064:
3061:
3057:
3054:
3053:
3052:
3049:
3047:
3046:Institutional
3044:
3042:
3039:
3037:
3034:
3032:
3029:
3027:
3024:
3022:
3019:
3017:
3014:
3012:
3009:
3007:
3004:
3002:
2999:
2997:
2994:
2992:
2989:
2987:
2984:
2980:
2977:
2976:
2975:
2972:
2970:
2967:
2965:
2962:
2960:
2957:
2953:
2950:
2949:
2948:
2945:
2943:
2940:
2938:
2935:
2933:
2930:
2928:
2925:
2924:
2922:
2917:
2912:
2907:
2899:
2896:
2894:
2891:
2889:
2886:
2884:
2881:
2879:
2876:
2874:
2871:
2869:
2866:
2864:
2861:
2859:
2856:
2854:
2850:
2849:Public choice
2847:
2845:
2842:
2840:
2837:
2835:
2832:
2830:
2827:
2825:
2824:Participation
2822:
2820:
2817:
2815:
2812:
2810:
2807:
2805:
2802:
2800:
2797:
2795:
2792:
2790:
2787:
2785:
2784:Institutional
2782:
2780:
2777:
2775:
2772:
2770:
2767:
2765:
2762:
2760:
2757:
2755:
2752:
2750:
2747:
2745:
2742:
2740:
2737:
2735:
2734:Expeditionary
2732:
2730:
2727:
2725:
2724:Environmental
2722:
2720:
2717:
2715:
2712:
2710:
2707:
2705:
2702:
2700:
2697:
2695:
2692:
2690:
2687:
2685:
2682:
2680:
2677:
2675:
2672:
2670:
2667:
2666:
2662:
2660:
2656:
2650:
2647:
2645:
2642:
2638:
2635:
2634:
2633:
2630:
2629:
2627:
2625:
2621:
2615:
2612:
2610:
2607:
2603:
2600:
2599:
2598:
2595:
2593:
2590:
2588:
2585:
2583:
2580:
2576:
2573:
2571:
2568:
2566:
2563:
2561:
2558:
2556:
2553:
2552:
2551:
2548:
2547:
2545:
2543:
2539:
2535:
2528:
2523:
2521:
2516:
2514:
2509:
2508:
2505:
2497:
2491:
2487:
2483:
2479:
2475:
2469:
2465:
2460:
2456:
2450:
2446:
2442:
2438:
2434:
2431:
2427:
2423:
2419:
2413:
2409:
2404:
2403:
2397:
2393:
2392:
2382:
2378:
2374:
2370:
2366:
2362:
2361:
2353:
2348:
2344:
2340:
2336:
2332:
2327:
2322:
2318:
2314:
2313:
2307:
2303:
2299:
2295:
2291:
2290:
2284:
2280:
2276:
2272:
2268:
2264:
2260:
2259:
2251:
2247:
2243:
2242:
2229:
2225:
2218:
2210:
2206:
2202:
2198:
2193:
2188:
2184:
2180:
2173:
2165:
2161:
2157:
2153:
2152:
2144:
2136:
2124:
2105:
2101:
2097:
2093:
2087:
2083:
2076:
2075:
2070:
2069:Howitt, Peter
2064:
2050:on 2022-05-31
2049:
2045:
2041:
2034:
2025:
2011:on 2022-05-31
2010:
2006:
2002:
1995:
1986:
1977:
1975:
1966:
1960:
1956:
1952:
1945:
1943:
1941:
1933:
1922:
1921:econ2.jhu.edu
1915:
1908:
1892:
1888:
1887:newschool.edu
1884:
1878:
1870:
1866:
1862:
1858:
1854:
1850:
1849:
1844:
1838:
1834:
1823:
1820:
1817:
1814:
1812:
1809:
1807:
1806:Human capital
1804:
1802:
1799:
1798:
1792:
1790:
1786:
1782:
1780:
1776:
1772:
1767:
1765:
1754:
1749:
1748:has written:
1747:
1736:
1734:
1729:
1725:
1719:
1717:
1713:
1712:human capital
1709:
1705:
1701:
1697:
1687:
1670:
1666:
1643:
1639:
1616:
1612:
1591:
1561:
1558:
1555:
1552:
1549:
1544:
1539:
1534:
1526:
1522:
1518:
1511:
1506:
1502:
1495:
1486:
1482:
1478:
1471:
1467:
1459:
1456:
1453:
1448:
1445:
1442:
1436:
1431:
1428:
1421:
1420:
1419:
1417:
1398:
1395:
1392:
1389:
1386:
1379:
1378:
1377:
1375:
1359:
1356:
1353:
1345:
1342:measures the
1329:
1321:
1317:
1313:
1309:
1305:
1283:
1280:
1277:
1273:
1267:
1263:
1259:
1256:
1253:
1246:
1245:
1244:
1242:
1236:
1226:
1224:
1220:
1216:
1212:
1207:
1205:
1201:
1197:
1196:human capital
1193:
1189:
1185:
1181:
1177:
1173:
1169:
1165:
1161:
1157:
1156:Kenneth Arrow
1153:
1149:
1139:
1137:
1133:
1129:
1125:
1121:
1117:
1113:
1112:human capital
1109:
1105:
1101:
1090:
1085:
1083:
1078:
1076:
1071:
1070:
1068:
1067:
1062:
1057:
1052:
1050:
1040:
1039:
1038:
1037:
1030:
1027:
1025:
1022:
1020:
1017:
1013:
1010:
1009:
1008:
1005:
1003:
1000:
998:
995:
994:
988:
987:
980:
977:
975:
972:
970:
967:
965:
962:
960:
957:
955:
954:Peter Diamond
952:
950:
947:
945:
942:
940:
939:Edmund Phelps
937:
935:
932:
930:
927:
925:
922:
920:
917:
915:
914:Richard Stone
912:
910:
907:
905:
902:
900:
899:Joan Robinson
897:
895:
894:Simon Kuznets
892:
890:
889:Gunnar Myrdal
887:
885:
882:
880:
877:
875:
872:
870:
867:
865:
864:Irving Fisher
862:
860:
859:Knut Wicksell
857:
855:
852:
850:
847:
845:
842:
840:
837:
835:
832:
831:
828:
823:
822:
815:
812:
810:
807:
805:
802:
798:
795:
794:
793:
790:
788:
785:
781:
778:
777:
776:
773:
771:
768:
767:
766:
765:
759:
756:
754:
751:
749:
746:
744:
741:
737:
734:
733:
732:
731:New classical
729:
727:
724:
720:
717:
715:
712:
711:
710:
707:
706:
705:
700:
695:
694:
687:
684:
682:
679:
677:
674:
672:
669:
667:
664:
663:
657:
656:
649:
646:
644:
641:
639:
636:
634:
631:
629:
626:
622:
619:
618:
617:
614:
612:
609:
607:
604:
602:
599:
597:
594:
592:
589:
587:
584:
582:
579:
577:
574:
572:
569:
567:
564:
562:
559:
558:
552:
551:
544:
541:
539:
536:
534:
531:
529:
526:
524:
521:
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485:Shrinkflation
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382:Interest rate
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339:Expectations
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163:Human capital
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67:South America
65:
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62:North America
60:
58:
55:
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53:
52:
48:
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43:
39:
38:
35:
32:
31:
19:
3598:Publications
3554:Publications
3521:
3117:Neoclassical
3107:Mercantilism
3016:Evolutionary
2878:Sociological
2851: /
2749:Geographical
2729:Evolutionary
2704:Digitization
2669:Agricultural
2632:Econometrics
2560:Price theory
2485:
2482:Romer, David
2463:
2444:
2429:
2401:
2367:(1): 18–31.
2364:
2358:
2316:
2310:
2293:
2287:
2262:
2256:
2246:Lucas, R. E.
2227:
2217:
2185:(4): 49–58.
2182:
2178:
2172:
2155:
2149:
2143:
2111:. Retrieved
2104:the original
2073:
2063:
2052:. Retrieved
2048:the original
2043:
2033:
2024:
2013:. Retrieved
2009:the original
2004:
1994:
1985:
1954:
1931:
1924:. Retrieved
1920:
1907:
1895:. Retrieved
1891:the original
1886:
1877:
1852:
1846:
1843:Romer, P. M.
1837:
1785:Paul Krugman
1783:
1768:
1761:
1751:
1746:Peter Howitt
1742:
1739:Implications
1720:
1693:
1583:
1413:
1319:
1318:is capital,
1315:
1307:
1303:
1301:
1238:
1208:
1198:which had a
1145:
1099:
1098:
974:Paul Krugman
919:Hyman Minsky
879:Alvin Hansen
763:
762:
703:
666:Econometrics
643:Overshooting
627:
596:Harrod–Domar
591:Arrow–Debreu
538:Central bank
505:Unemployment
495:Supply shock
453:Money supply
330:Disinflation
325:Demand shock
211:Publications
178:Microfinance
109:
3392:von Neumann
3161:Supply-side
3146:Physiocracy
3090:Marginalism
2779:Information
2719:Engineering
2699:Development
2694:Demographic
2565:Game theory
2542:Theoretical
1855:(1): 3–22.
1704:Solow model
1696:exogenously
1686:precision.
1310:represents
1102:holds that
854:LĂ©on Walras
748:Supply-side
581:Accelerator
490:Stagflation
475:Price level
370:Demand-pull
3617:Categories
3549:Economists
3422:Schumacher
3327:Schumpeter
3297:von Wieser
3217:von ThĂĽnen
3177:Economists
3076:Circuitism
3041:Humanistic
3036:Historical
3011:Ecological
3001:Democratic
2974:Chartalism
2964:Behavioral
2927:Mainstream
2888:Statistics
2883:Solidarity
2804:Managerial
2769:Humanistic
2764:Historical
2709:Ecological
2674:Behavioral
2319:(3): 500.
2239:References
2113:August 16,
2054:2022-05-24
2015:2022-05-24
1926:11 October
1897:11 October
1775:developing
1758:Criticisms
1733:free entry
1172:Paul Romer
1116:innovation
1108:endogenous
909:John Hicks
839:Adam Smith
797:Circuitism
787:Ecological
775:Chartalism
726:Monetarism
704:Mainstream
601:Solow–Swan
576:Multiplier
533:Commercial
429:Endogenous
387:Investment
226:Economists
216:Categories
3467:Greenspan
3432:Samuelson
3412:Galbraith
3382:Tinbergen
3322:von Mises
3317:Heckscher
3277:Edgeworth
3156:Stockholm
3151:Socialist
3051:Keynesian
3031:Happiness
2991:Classical
2952:Mutualism
2947:Anarchist
2932:Heterodox
2829:Personnel
2789:Knowledge
2754:Happiness
2744:Financial
2714:Education
2689:Democracy
2624:Empirical
2534:Economics
2321:CiteSeerX
2279:154875771
2209:153333748
2187:CiteSeerX
2133:ignored (
2123:cite book
2100:0824-8001
1779:developed
1716:spillover
1556:α
1540:α
1454:ξ
1443:ξ
1281:−
1148:exogenous
1136:education
1128:subsidies
1007:Economics
849:Karl Marx
764:Heterodox
743:Stockholm
709:Keynesian
480:Recession
375:Cost-push
365:Inflation
320:Deflation
168:Education
3578:Category
3558:journals
3544:Glossary
3497:Stiglitz
3462:Rothbard
3442:Buchanan
3427:Friedman
3417:Koopmans
3407:Leontief
3387:Robinson
3272:Marshall
3122:Lausanne
3026:Georgism
3021:Feminist
2969:Buddhist
2959:Austrian
2858:Regional
2834:Planning
2809:Monetary
2739:Feminist
2684:Cultural
2679:Business
2343:14215251
2265:: 3–42.
2248:(1988).
1953:(2004).
1795:See also
1728:monopoly
1235:AK model
1229:AK model
1211:AK model
1174:(1986),
1158:(1962),
991:See also
770:Austrian
528:Monetary
517:Policies
348:Rational
343:Adaptive
269:a series
267:Part of
206:Journals
3593:Outline
3564:Schools
3556: (
3517:Piketty
3512:Krugman
3377:Kuznets
3367:Kalecki
3342:Polanyi
3232:Cournot
3227:Bastiat
3212:Ricardo
3202:Malthus
3192:Quesnay
3095:Marxian
2986:Chicago
2916:history
2911:Schools
2898:Welfare
2868:Service
2659:Applied
2381:2525621
2302:2951351
2164:2950910
1869:2138148
1584:where
1186: (
1178: (
1166:), and
1162: (
1012:Applied
809:Marxian
699:Schools
221:Outline
143:Poverty
82:Oceania
3502:Thaler
3482:Ostrom
3477:Becker
3472:Sowell
3452:Baumol
3357:Myrdal
3352:Sraffa
3347:Frisch
3337:Knight
3332:Keynes
3307:Fisher
3302:Veblen
3287:Pareto
3267:Menger
3262:George
3257:Jevons
3252:Walras
3242:Gossen
3166:Thermo
2844:Public
2839:Policy
2794:Labour
2759:Health
2492:
2470:
2451:
2414:
2410:–533.
2379:
2341:
2323:
2300:
2277:
2207:
2189:
2162:
2098:
2088:
1961:
1867:
1219:theory
1142:Models
827:People
555:Models
523:Fiscal
500:Saving
360:Growth
158:Labour
77:Europe
57:Africa
3588:Lists
3583:Index
3534:Lists
3507:Hoppe
3492:Lucas
3457:Solow
3447:Arrow
3437:Simon
3402:Lange
3397:Hicks
3372:Röpke
3362:Hayek
3312:Pigou
3282:Clark
3197:Smith
3112:Mixed
3071:Post-
2893:Urban
2873:Socio
2863:Rural
2377:JSTOR
2355:(PDF)
2339:S2CID
2298:JSTOR
2275:S2CID
2253:(PDF)
2205:S2CID
2160:JSTOR
2107:(PDF)
2078:(PDF)
1917:(PDF)
1865:JSTOR
1829:Notes
648:NAIRU
566:AD–AS
561:IS–LM
424:Money
197:Lists
3523:more
3247:Marx
3237:Mill
3222:List
3100:Neo-
3056:Neo-
2490:ISBN
2468:ISBN
2449:ISBN
2412:ISBN
2135:help
2115:2018
2096:ISSN
2086:ISBN
1959:ISBN
1928:2011
1899:2011
1777:and
1658:and
1559:<
1553:<
1457:>
1209:The
1192:1997
1188:1991
1180:1988
1164:1965
1130:for
1122:and
714:Neo-
621:DSGE
315:CAGR
153:Land
72:Asia
3487:Sen
3207:Say
3066:New
2799:Law
2428:".
2408:411
2369:doi
2331:doi
2267:doi
2197:doi
1857:doi
1182:),
1134:or
719:New
463:SNA
412:NNI
407:GNI
402:GDP
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