1202:, 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
274:
31:
1033:
1045:
1568:
1742:
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.
1674:
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
1732:
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,
1719:
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
1710:
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
1741:
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
1214:.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.
1413:
1115:
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,
1143:. 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
1758:
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
1695:). 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
1699:. 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
1286:
1563:{\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}}}
1672:
1645:
1618:
1398:
1359:
1707:
effects (spillovers are positive externalities, benefits that are attributed to costs from other firms), increasing numbers of goods, increasing qualities, etc.
240:
1591:
1329:
990:
1075:
1871:
1703:. 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
3586:
3542:
233:
199:
1207:
108:
609:
385:
226:
2482:
2460:
2441:
2404:
1951:
1836:
1229:
1068:
2061:
2590:
2513:
2078:
1810:
1711:
marginal product of capital is still diminishing. Therefore, it is possible to construct endogenous growth models with
746:
594:
1902:
687:
3611:
1780:; "too much of it involved making assumptions about how unmeasurable things affected other unmeasurable things."
1715:. However, in many endogenous growth models the assumption of perfect competition is relaxed, and some degree of
1061:
3024:
2994:
2984:
2677:
2348:
2246:
1799:
792:
599:
3205:
2028:
1989:
3144:
3117:
2300:
2275:
Ortigueira, Salvador; Santos, Manuel S. (1997). "On the Speed of
Convergence in Endogenous Growth Models".
2238:
2212:
731:
719:
3571:
3552:
3129:
2974:
2940:
2925:
2904:
2899:
621:
451:
375:
303:
161:
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3122:
2812:
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1238:
1135:
In the mid-1980s, a group of growth theorists became increasingly dissatisfied with common accounts of
1096:
741:
724:
604:
194:
1127:
increase the growth rate in some endogenous growth models by increasing the incentive for innovation.
2692:
1759:
1362:
1300:
626:
176:
2314:
2180:
2123:
1428:
3616:
3576:
3522:
3265:
3220:
3059:
2930:
2807:
2277:
2234:
2139:
2057:
1734:
1183:) omitted technological change; instead, growth in these models is due to indefinite investment in
1120:
815:
780:
185:
117:
55:
50:
3280:
1879:
3230:
3064:
3054:
3044:
3034:
2772:
2762:
2722:
2712:
2585:
2506:
1752:
785:
707:
702:
674:
257:
3400:
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3105:
3048:
3004:
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2717:
2657:
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2602:
2575:
2396:
2309:
2175:
1688:
1108:
1017:
768:
584:
579:
564:
531:
390:
88:
3532:
3215:
3190:
3175:
3149:
3088:
2767:
2707:
2687:
2682:
1921:
the steady-state growth rate in a Rebelo economy is directly proportional to the saving rate.
857:
832:
736:
669:
395:
358:
336:
331:
103:
22:
2388:
1751:
One of the main failings of endogenous growth theories is the collective failure to explain
1107:, and knowledge are significant contributors to economic growth. The theory also focuses on
3581:
3285:
3029:
2999:
2952:
2915:
2841:
2792:
2757:
2697:
2662:
2597:
2580:
2429:
2070:
1939:
1804:
1650:
1623:
1596:
1371:
1192:
1140:
775:
589:
434:
209:
93:
2530:
2414:
8:
3511:
3320:
3139:
3039:
3019:
2979:
2935:
2920:
2876:
2817:
2742:
2732:
2702:
2625:
1712:
1704:
1404:
1338:
1211:
985:
862:
697:
659:
400:
363:
126:
3180:
2612:
822:
3566:
3537:
3495:
3300:
3009:
2989:
2957:
2871:
2866:
2846:
2797:
2737:
2727:
2672:
2667:
2499:
2365:
2340:
2327:
2286:
2263:
2193:
2148:
2137:
Sachs, Jeffrey D.; Warner, Andrew M. (1997). "Fundamental
Sources of Long-Run Growth".
2111:
1853:
1777:
1684:
1576:
1314:
937:
664:
631:
569:
214:
204:
70:
3430:
3405:
3315:
3195:
3083:
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2822:
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2777:
2647:
2478:
2456:
2437:
2400:
2389:
2267:
2259:
2197:
2084:
2074:
1947:
1763:
1332:
1112:
1012:
1000:
957:
802:
797:
521:
446:
65:
45:
3355:
2331:
872:
3480:
3425:
3410:
3395:
3380:
3310:
3290:
3270:
3225:
2832:
2782:
2752:
2747:
2637:
2563:
2357:
2319:
2255:
2185:
1845:
1767:
1696:
1203:
1188:
1164:
1156:
947:
932:
458:
429:
417:
407:
343:
323:
293:
288:
171:
146:
141:
3360:
2415:
Ten Facts on
Declining Business Dynamism and Lessons from Endogenous Growth Theory
2017:
Pokrovski, V.N. (2007) Productive energy in the US economy, Energy 32 (5) 816-822.
1978:
Pokrovski, V.N. (2007) Productive energy in the US economy, Energy 32 (5) 816-822.
3591:
3485:
3450:
3415:
3350:
3275:
3260:
3154:
3110:
2947:
2881:
2856:
2851:
2827:
2558:
2543:
2425:
1789:
1092:
1049:
952:
912:
892:
758:
559:
554:
549:
516:
488:
348:
79:
60:
1969:
Pokrovski, V.N. (2003). Energy in the theory of production. Energy 28, 769-788.
3505:
3490:
3455:
3440:
3420:
3390:
3210:
2861:
2570:
2538:
2384:
2092:
1148:
1007:
922:
917:
574:
424:
380:
298:
273:
265:
3240:
842:
30:
3605:
3470:
3460:
3435:
3375:
3370:
3365:
3345:
3335:
3305:
3295:
3200:
3100:
3073:
2837:
2088:
1794:
1700:
1184:
1172:
1144:
1100:
942:
927:
902:
887:
882:
877:
852:
847:
511:
473:
370:
151:
3500:
3445:
3340:
3330:
3325:
3250:
3095:
2620:
2548:
1773:
1099:
and not external forces. Endogenous growth theory holds that investment in
1037:
962:
907:
867:
654:
526:
493:
483:
441:
318:
313:
166:
136:
3475:
3465:
3255:
3134:
3078:
2553:
2470:
1692:
967:
478:
463:
1210:
of endogenous productivity growth was proposed by
Russian economist
3385:
3185:
2962:
2369:
2298:
Rebelo, Sergio (1991). "Long-Run Policy
Analysis and Long-Run Growth".
2290:
2189:
2152:
1857:
1831:
1724:
condition means that these profits are dissipated on R&D spending.
1721:
1160:
1104:
897:
827:
763:
714:
1849:
3235:
3165:
2522:
2341:"Optimum Technical Change in an Aggregative Model of Economic Growth"
1776:
criticized endogenous growth theory as nearly impossible to check by
1136:
1124:
1116:
995:
837:
468:
353:
308:
156:
2361:
3014:
2323:
1716:
1361:, the production function becomes linear in capital thereby giving
1223:
1199:
2036:
1997:
131:
2455:(Second ed.). Cincinnati: South-Western. pp. 357–380.
1683:
In neo-classical growth models, the long-run rate of growth is
1044:
1407:
proposed to write the production function in the united form
2166:
Parente, Stephen (2001). "The
Failure of Endogenous Growth".
636:
412:
2491:
2477:(Fourth ed.). New York: McGraw-Hill. pp. 101–149.
2436:(Second ed.). New York: McGraw-Hill. pp. 205–237.
1720:
monopoly profits selling ideas to production firms, but the
1556:
2451:
Farmer, Roger E. A. (1999). "Endogenous Growth Theory".
1228:
The AK model production function is a special case of a
1733:
to slow growth to the disadvantage of the community.
1653:
1626:
1599:
1579:
1416:
1374:
1341:
1317:
1241:
1191:
on the economy and reduces the diminishing return to
2063:
2029:"Social resources in the theory of economic growth"
1990:"Social resources in the theory of economic growth"
1813:, a microfounded growth model with infinite horizon
1403:To avoid the contradictions, Russian economist
2432:(2004). "One-Sector Models of Endogenous Growth".
2424:
1937:
1666:
1639:
1612:
1585:
1562:
1392:
1353:
1323:
1291:This equation shows a Cobb–Douglas function where
1280:
1678:
1206:and R&D to the growth model. The quantity
1139:factors determining long-run growth, such as the
3603:
2274:
1762:in explaining the income divergence between the
1180:
1295:represents the total production in an economy.
2507:
1770:worlds (despite usually being more complex).
1069:
234:
1834:(1994). "The Origins of Endogenous Growth".
2387:(2009). "Endogenous Technological Change".
2136:
1687:determined by either the savings rate (the
1159:(1967) formed the basis for this research.
2514:
2500:
2239:"On the mechanics of Economic Development"
2026:
1987:
1335:of capital. For the special case in which
1179:) and Ortigueira and Santos (
1076:
1062:
241:
227:
29:
2419:American Economic Journal: Macroeconomics
2413:Akcigit, Ufuk; Ates, Sina T. (2021/01). "
2313:
2179:
1965:
1963:
1277:
2383:
2395:. Princeton University Press. pp.
2210:
2165:
1946:(2nd ed.). New York: McGraw-Hill.
1900:
3604:
2450:
2391:Introduction to Modern Economic Growth
2297:
2056:
1960:
1176:
386:Measures of national income and output
2495:
2469:
2338:
2233:
1830:
1691:) or the rate of technical progress (
1168:
1152:
1933:
1931:
1929:
1837:The Journal of Economic Perspectives
2591:Agent-based computational economics
13:
2377:
2168:Knowledge, Technology & Policy
1755:reported in empirical literature.
14:
3628:
2211:Krugman, Paul (August 18, 2013).
1926:
1281:{\displaystyle Y=AK^{a}L^{1-a}\,}
3049:neoclassical–Keynesian synthesis
1230:Cobb–Douglas production function
1043:
1031:
272:
2204:
2159:
2130:
2050:
1727:
2020:
2011:
1981:
1972:
1894:
1864:
1824:
1807:, "the" exogenous growth model
1679:Versus exogenous growth theory
991:Publications in macroeconomics
1:
2985:Critique of political economy
2521:
2473:(2011). "Endogenous Growth".
2349:International Economic Review
2247:Journal of Monetary Economics
2227:
2027:Pokrovskii, Vladimir (2021).
1988:Pokrovskii, Vladimir (2021).
1746:
2301:Journal of Political Economy
2260:10.1016/0304-3932(88)90168-7
1903:"The Rebelo AK Growth Model"
1311:is labor, and the parameter
7:
1783:
1217:
1095:is primarily the result of
10:
3633:
3123:Real business-cycle theory
2035:(3): 32–43. Archived from
1996:(3): 32–43. Archived from
1811:Ramsey–Cass–Koopmans model
1221:
742:New neoclassical synthesis
725:Real business-cycle theory
3563:
3521:
3163:
2897:
2646:
2611:
2529:
1800:Feldman–Mahalanobis model
1697:microeconomic foundations
1363:constant returns to scale
1301:total factor productivity
1130:
177:Environmental determinism
94:Neoclassical growth model
2339:Uzawa, Hirofumi (1965).
2278:American Economic Review
2140:American Economic Review
1872:"Monetary Growth Theory"
1817:
1593:is a capital service;
1121:research and development
1089:Endogenous growth theory
747:Saltwater and freshwater
99:Endogenous growth theory
80:Economic growth theories
2763:Industrial organization
2586:Computational economics
2475:Advanced Macroeconomics
2213:"The New Growth Fizzle"
1760:exogenous growth theory
1753:conditional convergence
675:International economics
600:Overlapping generations
3612:Macroeconomic theories
2968:Modern monetary theory
2633:Experimental economics
2603:Pluralism in economics
2576:Mathematical economics
1878:. 2011. Archived from
1744:
1668:
1641:
1614:
1587:
1564:
1394:
1355:
1325:
1282:
1109:positive externalities
1018:Mathematical economics
769:Modern monetary theory
532:Universal basic income
109:Balanced growth theory
2430:Sala-i-Martin, Xavier
1940:Sala-i-Martin, Xavier
1739:
1669:
1667:{\displaystyle P_{0}}
1642:
1640:{\displaystyle L_{0}}
1615:
1613:{\displaystyle Y_{0}}
1588:
1565:
1395:
1393:{\displaystyle Y=AK.}
1356:
1326:
1283:
858:Wesley Clair Mitchell
833:Thomas Robert Malthus
670:Development economics
104:Unified growth theory
23:Development economics
2842:Social choice theory
2598:Behavioral economics
2581:Complexity economics
2071:C. D. Howe Institute
1901:Carroll, C. (2011).
1651:
1624:
1597:
1577:
1414:
1372:
1339:
1315:
1239:
1193:capital accumulation
595:Ramsey–Cass–Koopmans
435:Liquidity preference
118:Fields and subfields
2926:American (National)
2626:Economic statistics
2033:The Complex Systems
1994:The Complex Systems
1713:perfect competition
1405:Vladimir Pokrovskii
1354:{\displaystyle a=1}
1212:Vladimir Pokrovskii
1050:Business portal
986:Macroeconomic model
863:John Maynard Keynes
660:Economic statistics
605:General equilibrium
127:Economic inequality
38:Economies by region
2190:10.1007/BF02693989
1882:on 21 October 2015
1778:empirical evidence
1689:Harrod–Domar model
1664:
1637:
1610:
1583:
1560:
1555:
1390:
1351:
1321:
1278:
1149:Hirofumi Uzawa
938:Edward C. Prescott
665:Monetary economics
89:Harrod–Domar model
3599:
3598:
3130:New institutional
2484:978-0-07-351137-5
2462:978-0-324-12058-5
2443:978-0-262-02553-9
2406:978-0-691-13292-1
1953:978-0-262-02553-9
1850:10.1257/jep.8.1.3
1586:{\displaystyle P}
1520:
1503:
1480:
1333:output elasticity
1324:{\displaystyle a}
1204:imperfect markets
1173:Sergio Rebelo
1113:spillover effects
1086:
1085:
1013:Political economy
968:N. Gregory Mankiw
958:Thomas J. Sargent
803:Market monetarism
617:Endogenous growth
447:National accounts
251:
250:
3624:
2803:Natural resource
2638:Economic history
2564:Mechanism design
2516:
2509:
2502:
2493:
2492:
2488:
2466:
2447:
2426:Barro, Robert J.
2410:
2394:
2373:
2345:
2335:
2317:
2294:
2271:
2243:
2221:
2220:
2208:
2202:
2201:
2183:
2163:
2157:
2156:
2134:
2128:
2127:
2121:
2117:
2115:
2107:
2105:
2103:
2098:on July 17, 2011
2097:
2091:. Archived from
2068:
2054:
2048:
2047:
2045:
2044:
2024:
2018:
2015:
2009:
2008:
2006:
2005:
1985:
1979:
1976:
1970:
1967:
1958:
1957:
1935:
1924:
1923:
1918:
1916:
1907:
1898:
1892:
1891:
1889:
1887:
1868:
1862:
1861:
1828:
1805:Solow–Swan model
1673:
1671:
1670:
1665:
1663:
1662:
1646:
1644:
1643:
1638:
1636:
1635:
1619:
1617:
1616:
1611:
1609:
1608:
1592:
1590:
1589:
1584:
1569:
1567:
1566:
1561:
1559:
1558:
1532:
1531:
1526:
1522:
1521:
1519:
1518:
1506:
1504:
1499:
1498:
1489:
1481:
1479:
1478:
1466:
1464:
1463:
1399:
1397:
1396:
1391:
1360:
1358:
1357:
1352:
1330:
1328:
1327:
1322:
1287:
1285:
1284:
1279:
1276:
1275:
1260:
1259:
1189:spillover effect
1165:Robert Lucas
1157:Miguel Sidrauski
1141:Solow–Swan model
1078:
1071:
1064:
1048:
1047:
1038:Money portal
1036:
1035:
1034:
948:William Nordhaus
933:Robert Lucas Jr.
823:François Quesnay
459:Nominal rigidity
430:Demand for money
408:Microfoundations
344:Financial crisis
324:Effective demand
294:Aggregate supply
289:Aggregate demand
276:
253:
252:
243:
236:
229:
172:Decentralization
33:
19:
18:
3632:
3631:
3627:
3626:
3625:
3623:
3622:
3621:
3617:Economic growth
3602:
3601:
3600:
3595:
3592:Business portal
3559:
3558:
3557:
3517:
3281:von Böhm-Bawerk
3169:
3168:
3159:
2931:Ancient thought
2909:
2908:
2902:
2893:
2892:
2891:
2642:
2607:
2559:Contract theory
2544:Decision theory
2525:
2520:
2485:
2463:
2444:
2434:Economic Growth
2421:13(1): 257–298.
2407:
2385:Acemoglu, Daron
2380:
2378:Further reading
2362:10.2307/2525621
2343:
2315:10.1.1.295.3609
2241:
2230:
2225:
2224:
2209:
2205:
2181:10.1.1.471.9285
2164:
2160:
2135:
2131:
2119:
2118:
2109:
2108:
2101:
2099:
2095:
2081:
2066:
2055:
2051:
2042:
2040:
2025:
2021:
2016:
2012:
2003:
2001:
1986:
1982:
1977:
1973:
1968:
1961:
1954:
1944:Economic Growth
1936:
1927:
1914:
1912:
1905:
1899:
1895:
1885:
1883:
1870:
1869:
1865:
1829:
1825:
1820:
1790:Economic growth
1786:
1749:
1730:
1681:
1658:
1654:
1652:
1649:
1648:
1631:
1627:
1625:
1622:
1621:
1604:
1600:
1598:
1595:
1594:
1578:
1575:
1574:
1554:
1553:
1536:
1527:
1514:
1510:
1505:
1494:
1490:
1488:
1487:
1483:
1482:
1474:
1470:
1465:
1459:
1455:
1452:
1451:
1440:
1424:
1423:
1415:
1412:
1411:
1373:
1370:
1369:
1340:
1337:
1336:
1316:
1313:
1312:
1265:
1261:
1255:
1251:
1240:
1237:
1236:
1226:
1220:
1133:
1093:economic growth
1082:
1042:
1032:
1030:
1023:
1022:
981:
973:
972:
953:Joseph Stiglitz
913:Milton Friedman
893:Friedrich Hayek
818:
808:
807:
690:
680:
679:
650:
642:
641:
627:Mundell–Fleming
622:Matching theory
560:Keynesian cross
545:
537:
536:
507:
499:
498:
284:
247:
162:Property Rights
17:
16:Economic theory
12:
11:
5:
3630:
3620:
3619:
3614:
3597:
3596:
3594:
3589:
3584:
3579:
3574:
3569:
3564:
3561:
3560:
3556:
3555:
3550:
3540:
3535:
3529:
3528:
3527:
3525:
3519:
3518:
3516:
3515:
3508:
3503:
3498:
3493:
3488:
3483:
3478:
3473:
3468:
3463:
3458:
3453:
3448:
3443:
3438:
3433:
3428:
3423:
3418:
3413:
3408:
3403:
3398:
3393:
3388:
3383:
3378:
3373:
3368:
3363:
3358:
3353:
3348:
3343:
3338:
3333:
3328:
3323:
3318:
3313:
3308:
3303:
3298:
3293:
3288:
3283:
3278:
3273:
3268:
3263:
3258:
3253:
3248:
3243:
3238:
3233:
3228:
3223:
3218:
3213:
3208:
3203:
3198:
3193:
3188:
3183:
3178:
3172:
3170:
3164:
3161:
3160:
3158:
3157:
3152:
3147:
3142:
3137:
3132:
3127:
3126:
3125:
3115:
3114:
3113:
3103:
3098:
3093:
3092:
3091:
3081:
3076:
3071:
3070:
3069:
3068:
3067:
3057:
3052:
3037:
3032:
3027:
3022:
3017:
3012:
3007:
3002:
2997:
2995:Disequilibrium
2992:
2987:
2982:
2977:
2972:
2971:
2970:
2960:
2955:
2950:
2945:
2944:
2943:
2933:
2928:
2923:
2918:
2912:
2910:
2898:
2895:
2894:
2890:
2889:
2884:
2879:
2874:
2869:
2864:
2859:
2854:
2849:
2844:
2835:
2830:
2825:
2820:
2815:
2810:
2808:Organizational
2805:
2800:
2795:
2790:
2785:
2780:
2775:
2770:
2765:
2760:
2755:
2750:
2745:
2740:
2735:
2730:
2725:
2720:
2715:
2710:
2705:
2700:
2695:
2690:
2685:
2680:
2675:
2670:
2665:
2660:
2654:
2653:
2652:
2650:
2644:
2643:
2641:
2640:
2635:
2630:
2629:
2628:
2617:
2615:
2609:
2608:
2606:
2605:
2600:
2595:
2594:
2593:
2583:
2578:
2573:
2571:Macroeconomics
2568:
2567:
2566:
2561:
2556:
2551:
2546:
2539:Microeconomics
2535:
2533:
2527:
2526:
2519:
2518:
2511:
2504:
2496:
2490:
2489:
2483:
2467:
2461:
2453:Macroeconomics
2448:
2442:
2422:
2411:
2405:
2379:
2376:
2375:
2374:
2336:
2324:10.1086/261764
2295:
2285:(3): 383–399.
2272:
2229:
2226:
2223:
2222:
2217:New York Times
2203:
2158:
2147:(2): 184–188.
2129:
2120:|journal=
2080:978-0888067098
2079:
2060:(April 2007).
2049:
2019:
2010:
1980:
1971:
1959:
1952:
1938:Barro, R. J.;
1925:
1893:
1863:
1822:
1821:
1819:
1816:
1815:
1814:
1808:
1802:
1797:
1792:
1785:
1782:
1748:
1745:
1729:
1726:
1680:
1677:
1661:
1657:
1634:
1630:
1607:
1603:
1582:
1571:
1570:
1557:
1552:
1549:
1546:
1543:
1540:
1537:
1535:
1530:
1525:
1517:
1513:
1509:
1502:
1497:
1493:
1486:
1477:
1473:
1469:
1462:
1458:
1454:
1453:
1450:
1447:
1444:
1441:
1439:
1436:
1433:
1430:
1429:
1427:
1422:
1419:
1401:
1400:
1389:
1386:
1383:
1380:
1377:
1350:
1347:
1344:
1320:
1289:
1288:
1274:
1271:
1268:
1264:
1258:
1254:
1250:
1247:
1244:
1222:Main article:
1219:
1216:
1132:
1129:
1084:
1083:
1081:
1080:
1073:
1066:
1058:
1055:
1054:
1053:
1052:
1040:
1025:
1024:
1021:
1020:
1015:
1010:
1008:Microeconomics
1005:
1004:
1003:
993:
988:
982:
979:
978:
975:
974:
971:
970:
965:
960:
955:
950:
945:
940:
935:
930:
925:
923:Lawrence Klein
920:
918:Paul Samuelson
915:
910:
905:
900:
895:
890:
885:
880:
875:
873:Michał Kalecki
870:
865:
860:
855:
850:
845:
840:
835:
830:
825:
819:
814:
813:
810:
809:
806:
805:
800:
795:
793:Disequilibrium
790:
789:
788:
781:Post-Keynesian
778:
773:
772:
771:
761:
750:
749:
744:
739:
734:
729:
728:
727:
717:
712:
711:
710:
705:
691:
686:
685:
682:
681:
678:
677:
672:
667:
662:
657:
651:
649:Related fields
648:
647:
644:
643:
640:
639:
634:
629:
624:
619:
614:
613:
612:
602:
597:
592:
587:
582:
577:
575:Phillips curve
572:
567:
562:
557:
552:
546:
543:
542:
539:
538:
535:
534:
529:
524:
519:
514:
508:
505:
504:
501:
500:
497:
496:
491:
486:
481:
476:
471:
466:
461:
456:
455:
454:
444:
439:
438:
437:
427:
425:Money creation
422:
421:
420:
410:
405:
404:
403:
398:
393:
383:
381:Liquidity trap
378:
373:
368:
367:
366:
361:
351:
346:
341:
340:
339:
334:
326:
321:
316:
311:
306:
301:
299:Business cycle
296:
291:
285:
283:Basic concepts
282:
281:
278:
277:
269:
268:
266:Macroeconomics
262:
261:
249:
248:
246:
245:
238:
231:
223:
220:
219:
218:
217:
212:
207:
202:
197:
189:
188:
182:
181:
180:
179:
174:
169:
164:
159:
154:
149:
144:
139:
137:Undernutrition
134:
129:
121:
120:
114:
113:
112:
111:
106:
101:
96:
91:
83:
82:
76:
75:
74:
73:
68:
63:
58:
53:
48:
40:
39:
35:
34:
26:
25:
15:
9:
6:
4:
3:
2:
3629:
3618:
3615:
3613:
3610:
3609:
3607:
3593:
3590:
3588:
3585:
3583:
3580:
3578:
3575:
3573:
3570:
3568:
3565:
3562:
3554:
3551:
3548:
3544:
3541:
3539:
3536:
3534:
3531:
3530:
3526:
3524:
3520:
3514:
3513:
3509:
3507:
3504:
3502:
3499:
3497:
3494:
3492:
3489:
3487:
3484:
3482:
3479:
3477:
3474:
3472:
3469:
3467:
3464:
3462:
3459:
3457:
3454:
3452:
3449:
3447:
3444:
3442:
3439:
3437:
3434:
3432:
3429:
3427:
3424:
3422:
3419:
3417:
3414:
3412:
3409:
3407:
3404:
3402:
3399:
3397:
3394:
3392:
3389:
3387:
3384:
3382:
3379:
3377:
3374:
3372:
3369:
3367:
3364:
3362:
3359:
3357:
3354:
3352:
3349:
3347:
3344:
3342:
3339:
3337:
3334:
3332:
3329:
3327:
3324:
3322:
3319:
3317:
3314:
3312:
3309:
3307:
3304:
3302:
3299:
3297:
3294:
3292:
3289:
3287:
3284:
3282:
3279:
3277:
3274:
3272:
3269:
3267:
3264:
3262:
3259:
3257:
3254:
3252:
3249:
3247:
3244:
3242:
3239:
3237:
3234:
3232:
3229:
3227:
3224:
3222:
3219:
3217:
3214:
3212:
3209:
3207:
3204:
3202:
3199:
3197:
3194:
3192:
3189:
3187:
3184:
3182:
3179:
3177:
3176:de Mandeville
3174:
3173:
3171:
3167:
3162:
3156:
3153:
3151:
3148:
3146:
3143:
3141:
3138:
3136:
3133:
3131:
3128:
3124:
3121:
3120:
3119:
3118:New classical
3116:
3112:
3109:
3108:
3107:
3104:
3102:
3099:
3097:
3094:
3090:
3087:
3086:
3085:
3082:
3080:
3077:
3075:
3074:Malthusianism
3072:
3066:
3063:
3062:
3061:
3058:
3056:
3053:
3050:
3046:
3043:
3042:
3041:
3038:
3036:
3035:Institutional
3033:
3031:
3028:
3026:
3023:
3021:
3018:
3016:
3013:
3011:
3008:
3006:
3003:
3001:
2998:
2996:
2993:
2991:
2988:
2986:
2983:
2981:
2978:
2976:
2973:
2969:
2966:
2965:
2964:
2961:
2959:
2956:
2954:
2951:
2949:
2946:
2942:
2939:
2938:
2937:
2934:
2932:
2929:
2927:
2924:
2922:
2919:
2917:
2914:
2913:
2911:
2906:
2901:
2896:
2888:
2885:
2883:
2880:
2878:
2875:
2873:
2870:
2868:
2865:
2863:
2860:
2858:
2855:
2853:
2850:
2848:
2845:
2843:
2839:
2838:Public choice
2836:
2834:
2831:
2829:
2826:
2824:
2821:
2819:
2816:
2814:
2813:Participation
2811:
2809:
2806:
2804:
2801:
2799:
2796:
2794:
2791:
2789:
2786:
2784:
2781:
2779:
2776:
2774:
2773:Institutional
2771:
2769:
2766:
2764:
2761:
2759:
2756:
2754:
2751:
2749:
2746:
2744:
2741:
2739:
2736:
2734:
2731:
2729:
2726:
2724:
2723:Expeditionary
2721:
2719:
2716:
2714:
2713:Environmental
2711:
2709:
2706:
2704:
2701:
2699:
2696:
2694:
2691:
2689:
2686:
2684:
2681:
2679:
2676:
2674:
2671:
2669:
2666:
2664:
2661:
2659:
2656:
2655:
2651:
2649:
2645:
2639:
2636:
2634:
2631:
2627:
2624:
2623:
2622:
2619:
2618:
2616:
2614:
2610:
2604:
2601:
2599:
2596:
2592:
2589:
2588:
2587:
2584:
2582:
2579:
2577:
2574:
2572:
2569:
2565:
2562:
2560:
2557:
2555:
2552:
2550:
2547:
2545:
2542:
2541:
2540:
2537:
2536:
2534:
2532:
2528:
2524:
2517:
2512:
2510:
2505:
2503:
2498:
2497:
2494:
2486:
2480:
2476:
2472:
2468:
2464:
2458:
2454:
2449:
2445:
2439:
2435:
2431:
2427:
2423:
2420:
2416:
2412:
2408:
2402:
2398:
2393:
2392:
2386:
2382:
2381:
2371:
2367:
2363:
2359:
2355:
2351:
2350:
2342:
2337:
2333:
2329:
2325:
2321:
2316:
2311:
2307:
2303:
2302:
2296:
2292:
2288:
2284:
2280:
2279:
2273:
2269:
2265:
2261:
2257:
2253:
2249:
2248:
2240:
2236:
2232:
2231:
2218:
2214:
2207:
2199:
2195:
2191:
2187:
2182:
2177:
2173:
2169:
2162:
2154:
2150:
2146:
2142:
2141:
2133:
2125:
2113:
2094:
2090:
2086:
2082:
2076:
2072:
2065:
2064:
2059:
2058:Howitt, Peter
2053:
2039:on 2022-05-31
2038:
2034:
2030:
2023:
2014:
2000:on 2022-05-31
1999:
1995:
1991:
1984:
1975:
1966:
1964:
1955:
1949:
1945:
1941:
1934:
1932:
1930:
1922:
1911:
1910:econ2.jhu.edu
1904:
1897:
1881:
1877:
1876:newschool.edu
1873:
1867:
1859:
1855:
1851:
1847:
1843:
1839:
1838:
1833:
1827:
1823:
1812:
1809:
1806:
1803:
1801:
1798:
1796:
1795:Human capital
1793:
1791:
1788:
1787:
1781:
1779:
1775:
1771:
1769:
1765:
1761:
1756:
1754:
1743:
1738:
1737:has written:
1736:
1725:
1723:
1718:
1714:
1708:
1706:
1702:
1701:human capital
1698:
1694:
1690:
1686:
1676:
1659:
1655:
1632:
1628:
1605:
1601:
1580:
1550:
1547:
1544:
1541:
1538:
1533:
1528:
1523:
1515:
1511:
1507:
1500:
1495:
1491:
1484:
1475:
1471:
1467:
1460:
1456:
1448:
1445:
1442:
1437:
1434:
1431:
1425:
1420:
1417:
1410:
1409:
1408:
1406:
1387:
1384:
1381:
1378:
1375:
1368:
1367:
1366:
1364:
1348:
1345:
1342:
1334:
1331:measures the
1318:
1310:
1306:
1302:
1298:
1294:
1272:
1269:
1266:
1262:
1256:
1252:
1248:
1245:
1242:
1235:
1234:
1233:
1231:
1225:
1215:
1213:
1209:
1205:
1201:
1196:
1194:
1190:
1186:
1185:human capital
1182:
1178:
1174:
1170:
1166:
1162:
1158:
1154:
1150:
1146:
1145:Kenneth Arrow
1142:
1138:
1128:
1126:
1122:
1118:
1114:
1110:
1106:
1102:
1101:human capital
1098:
1094:
1090:
1079:
1074:
1072:
1067:
1065:
1060:
1059:
1057:
1056:
1051:
1046:
1041:
1039:
1029:
1028:
1027:
1026:
1019:
1016:
1014:
1011:
1009:
1006:
1002:
999:
998:
997:
994:
992:
989:
987:
984:
983:
977:
976:
969:
966:
964:
961:
959:
956:
954:
951:
949:
946:
944:
943:Peter Diamond
941:
939:
936:
934:
931:
929:
928:Edmund Phelps
926:
924:
921:
919:
916:
914:
911:
909:
906:
904:
903:Richard Stone
901:
899:
896:
894:
891:
889:
888:Joan Robinson
886:
884:
883:Simon Kuznets
881:
879:
878:Gunnar Myrdal
876:
874:
871:
869:
866:
864:
861:
859:
856:
854:
853:Irving Fisher
851:
849:
848:Knut Wicksell
846:
844:
841:
839:
836:
834:
831:
829:
826:
824:
821:
820:
817:
812:
811:
804:
801:
799:
796:
794:
791:
787:
784:
783:
782:
779:
777:
774:
770:
767:
766:
765:
762:
760:
757:
756:
755:
754:
748:
745:
743:
740:
738:
735:
733:
730:
726:
723:
722:
721:
720:New classical
718:
716:
713:
709:
706:
704:
701:
700:
699:
696:
695:
694:
689:
684:
683:
676:
673:
671:
668:
666:
663:
661:
658:
656:
653:
652:
646:
645:
638:
635:
633:
630:
628:
625:
623:
620:
618:
615:
611:
608:
607:
606:
603:
601:
598:
596:
593:
591:
588:
586:
583:
581:
578:
576:
573:
571:
568:
566:
563:
561:
558:
556:
553:
551:
548:
547:
541:
540:
533:
530:
528:
525:
523:
520:
518:
515:
513:
510:
509:
503:
502:
495:
492:
490:
487:
485:
482:
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477:
475:
474:Shrinkflation
472:
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453:
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371:Interest rate
369:
365:
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328:Expectations
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152:Human capital
150:
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56:South America
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51:North America
49:
47:
44:
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42:
41:
37:
36:
32:
28:
27:
24:
21:
20:
3587:Publications
3543:Publications
3510:
3106:Neoclassical
3096:Mercantilism
3005:Evolutionary
2867:Sociological
2840: /
2738:Geographical
2718:Evolutionary
2693:Digitization
2658:Agricultural
2621:Econometrics
2549:Price theory
2474:
2471:Romer, David
2452:
2433:
2418:
2390:
2356:(1): 18–31.
2353:
2347:
2305:
2299:
2282:
2276:
2251:
2245:
2235:Lucas, R. E.
2216:
2206:
2174:(4): 49–58.
2171:
2167:
2161:
2144:
2138:
2132:
2100:. Retrieved
2093:the original
2062:
2052:
2041:. Retrieved
2037:the original
2032:
2022:
2013:
2002:. Retrieved
1998:the original
1993:
1983:
1974:
1943:
1920:
1913:. Retrieved
1909:
1896:
1884:. Retrieved
1880:the original
1875:
1866:
1841:
1835:
1832:Romer, P. M.
1826:
1774:Paul Krugman
1772:
1757:
1750:
1740:
1735:Peter Howitt
1731:
1728:Implications
1709:
1682:
1572:
1402:
1308:
1307:is capital,
1304:
1296:
1292:
1290:
1227:
1197:
1187:which had a
1134:
1088:
1087:
963:Paul Krugman
908:Hyman Minsky
868:Alvin Hansen
752:
751:
692:
655:Econometrics
632:Overshooting
616:
585:Harrod–Domar
580:Arrow–Debreu
527:Central bank
494:Unemployment
484:Supply shock
442:Money supply
319:Disinflation
314:Demand shock
200:Publications
167:Microfinance
98:
3381:von Neumann
3150:Supply-side
3135:Physiocracy
3079:Marginalism
2768:Information
2708:Engineering
2688:Development
2683:Demographic
2554:Game theory
2531:Theoretical
1844:(1): 3–22.
1693:Solow model
1685:exogenously
1675:precision.
1299:represents
1091:holds that
843:LĂ©on Walras
737:Supply-side
570:Accelerator
479:Stagflation
464:Price level
359:Demand-pull
3606:Categories
3538:Economists
3411:Schumacher
3316:Schumpeter
3286:von Wieser
3206:von ThĂĽnen
3166:Economists
3065:Circuitism
3030:Humanistic
3025:Historical
3000:Ecological
2990:Democratic
2963:Chartalism
2953:Behavioral
2916:Mainstream
2877:Statistics
2872:Solidarity
2793:Managerial
2758:Humanistic
2753:Historical
2698:Ecological
2663:Behavioral
2308:(3): 500.
2228:References
2102:August 16,
2043:2022-05-24
2004:2022-05-24
1915:11 October
1886:11 October
1764:developing
1747:Criticisms
1722:free entry
1161:Paul Romer
1105:innovation
1097:endogenous
898:John Hicks
828:Adam Smith
786:Circuitism
776:Ecological
764:Chartalism
715:Monetarism
693:Mainstream
590:Solow–Swan
565:Multiplier
522:Commercial
418:Endogenous
376:Investment
215:Economists
205:Categories
3456:Greenspan
3421:Samuelson
3401:Galbraith
3371:Tinbergen
3311:von Mises
3306:Heckscher
3266:Edgeworth
3145:Stockholm
3140:Socialist
3040:Keynesian
3020:Happiness
2980:Classical
2941:Mutualism
2936:Anarchist
2921:Heterodox
2818:Personnel
2778:Knowledge
2743:Happiness
2733:Financial
2703:Education
2678:Democracy
2613:Empirical
2523:Economics
2310:CiteSeerX
2268:154875771
2198:153333748
2176:CiteSeerX
2122:ignored (
2112:cite book
2089:0824-8001
1768:developed
1705:spillover
1545:α
1529:α
1443:ξ
1432:ξ
1270:−
1137:exogenous
1125:education
1117:subsidies
996:Economics
838:Karl Marx
753:Heterodox
732:Stockholm
698:Keynesian
469:Recession
364:Cost-push
354:Inflation
309:Deflation
157:Education
3567:Category
3547:journals
3533:Glossary
3486:Stiglitz
3451:Rothbard
3431:Buchanan
3416:Friedman
3406:Koopmans
3396:Leontief
3376:Robinson
3261:Marshall
3111:Lausanne
3015:Georgism
3010:Feminist
2958:Buddhist
2948:Austrian
2847:Regional
2823:Planning
2798:Monetary
2728:Feminist
2673:Cultural
2668:Business
2332:14215251
2254:: 3–42.
2237:(1988).
1942:(2004).
1784:See also
1717:monopoly
1224:AK model
1218:AK model
1200:AK model
1163:(1986),
1147:(1962),
980:See also
759:Austrian
517:Monetary
506:Policies
337:Rational
332:Adaptive
258:a series
256:Part of
195:Journals
3582:Outline
3553:Schools
3545: (
3506:Piketty
3501:Krugman
3366:Kuznets
3356:Kalecki
3331:Polanyi
3221:Cournot
3216:Bastiat
3201:Ricardo
3191:Malthus
3181:Quesnay
3084:Marxian
2975:Chicago
2905:history
2900:Schools
2887:Welfare
2857:Service
2648:Applied
2370:2525621
2291:2951351
2153:2950910
1858:2138148
1573:where
1175: (
1167: (
1155:), and
1151: (
1001:Applied
798:Marxian
688:Schools
210:Outline
132:Poverty
71:Oceania
3491:Thaler
3471:Ostrom
3466:Becker
3461:Sowell
3441:Baumol
3346:Myrdal
3341:Sraffa
3336:Frisch
3326:Knight
3321:Keynes
3296:Fisher
3291:Veblen
3276:Pareto
3256:Menger
3251:George
3246:Jevons
3241:Walras
3231:Gossen
3155:Thermo
2833:Public
2828:Policy
2783:Labour
2748:Health
2481:
2459:
2440:
2403:
2399:–533.
2368:
2330:
2312:
2289:
2266:
2196:
2178:
2151:
2087:
2077:
1950:
1856:
1208:theory
1131:Models
816:People
544:Models
512:Fiscal
489:Saving
349:Growth
147:Labour
66:Europe
46:Africa
3577:Lists
3572:Index
3523:Lists
3496:Hoppe
3481:Lucas
3446:Solow
3436:Arrow
3426:Simon
3391:Lange
3386:Hicks
3361:Röpke
3351:Hayek
3301:Pigou
3271:Clark
3186:Smith
3101:Mixed
3060:Post-
2882:Urban
2862:Socio
2852:Rural
2366:JSTOR
2344:(PDF)
2328:S2CID
2287:JSTOR
2264:S2CID
2242:(PDF)
2194:S2CID
2149:JSTOR
2096:(PDF)
2067:(PDF)
1906:(PDF)
1854:JSTOR
1818:Notes
637:NAIRU
555:AD–AS
550:IS–LM
413:Money
186:Lists
3512:more
3236:Marx
3226:Mill
3211:List
3089:Neo-
3045:Neo-
2479:ISBN
2457:ISBN
2438:ISBN
2401:ISBN
2124:help
2104:2018
2085:ISSN
2075:ISBN
1948:ISBN
1917:2011
1888:2011
1766:and
1647:and
1548:<
1542:<
1446:>
1198:The
1181:1997
1177:1991
1169:1988
1153:1965
1119:for
1111:and
703:Neo-
610:DSGE
304:CAGR
142:Land
61:Asia
3476:Sen
3196:Say
3055:New
2788:Law
2417:".
2397:411
2358:doi
2320:doi
2256:doi
2186:doi
1846:doi
1171:),
1123:or
708:New
452:SNA
401:NNI
396:GNI
391:GDP
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