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Title:When economic growth is less than exponential PDF Logo
Authors:Groth, Christian
Koch, Karl-Josef
Steger, Thomas M.
Issue Date:2009
Series/Report no.:Joint discussion paper series in economics 2009,31
Abstract:This paper argues that growth theory needs a more general notion of “regularity” than that of exponential growth. We suggest that paths along which the rate of decline of the growth rate is proportional to the growth rate itself deserve attention. This opens up for considering a richer set of parameter combinations than in standard growth models. And it avoids the usual oversimplistic dichotomy of either exponential growth or stagnation. Allowing zero population growth in three different growth models (the Jones R&D-based model, a learning-by-doing model, and an embodied technical change model) serves as illustrations that a continuum of “regular” growth processes fill the whole range between exponential growth and complete stagnation.
Subjects:Quasi-arithmetic growth
Regular growth
Semi-endogenous growth
Knife-edge restrictions
Learning by doing
Embodied technical change
JEL:O31
O40
O41
Document Type:Working Paper
Appears in Collections:MAGKS Joint Discussion Paper Series in Economics, Universität Marburg

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