期刊
ECONOMICS LETTERS
卷 154, 期 -, 页码 28-30出版社
ELSEVIER SCIENCE SA
DOI: 10.1016/j.econlet.2017.02.019
关键词
Strong scale effect; Semi-endogenous growth; Fully endogenous growth
类别
First generation endogenous growth models had the counterfactual implication that the long-term growth of per-capita GDP increased with the population size. Two influential growth paradigms, the semi-endogenous and the second generation fully endogenous, eliminated this strong scale effect. Both solutions have useful aspects and insights, but very different policy implications. This paper combines both approaches into a single hybrid model class, and shows that no matter the weight assigned to each paradigm, the long-run predictions of the semi-endogenous policy dominate with high enough population growth rates, while the long-run predictions of the fully endogenous policy dominate at low population growth rates. (C) 2017 Elsevier B.V. All rights reserved.
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