recursive macroeconomic theory economic growth

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1、Chapter15EconomicGrowth15.1.IntroductionThischapterdescribesbasicnonstochasticmodelsofsustainedeconomicgrowth.Webeginbydescribingabenchmarkexogenousgrowthmodelwheresustainedgrowthisdrivenbyexogenousgrowthinlaborproductivity.Thenweturnourattentiontoseve

2、ralendogenousgrowthmodelswheresustainedgrowthoflaborproductivityissomehowchosenbythehouseholdsintheeconomy.Wedescribeseveralmodelsthatdifferinwhethertheequilibriummarketeconomymatcheswhatabenevolentplannerwouldchoose.Wherethemarketoutcomedoesn’tmatchthe

3、planner’soutcome,therecanberoomforwelfare-improvinggovernmentinterventions.Theobjectiveofthechapteristoshedlightonthemechanismsatworkindifferentmodels.Wetrytofacilitatecomparisonbyusingthesameproductionfunctionformostofourdiscussionwhilechangingthemeani

4、ngofoneofitsarguments.PaulRomer’sworkhasbeenanimpetustotherevivedinterestinthetheoryofeconomicgrowth.InthespiritofArrow’s(1962)modeloflearningbydoing,Romer(1986)presentsanendogenousgrowthmodelwheretheaccumulationofcapital(orknowledge)isassociatedwithap

5、ositiveexternalityontheavailabletechnology.Theaggregateofallagents’holdingsofcapitalispositivelyrelatedtotheleveloftechnology,whichinturninteractswithindividualagents’sav-ingsdecisionsandtherebydeterminestheeconomy’sgrowthrate.Thus,thehouseholdsinthise

6、conomyarechoosinghowfasttheeconomyisgrowing,buttheydosoinanunintentionalway.Thecompetitiveequilibriumgrowthratefallsshortofthesociallyoptimalone.Anotherapproachtogeneratingendogenousgrowthistoassumethatallproductionfactorsarereproducible.FollowingUzawa

7、(1965),Lucas(1988)formulatesamodelwithaccumulationofbothphysicalandhumancapital.Thejointaccumulationofallinputsensuresthatgrowthwillnotcometoahalteventhougheachindividualfactorinthefinal-goodproductionfunctionissubject–583–584EconomicGrowthtodiminishing

8、returns.Intheabsenceofexternalities,thegrowthrateinthecompetitiveequilibriumcoincidesinthismodelwiththesocialoptimum.Romer(1987)constructsamodelwhereagentscanchoosetoengageinresearchthatproducestechnologicalimprovements.Eachinventionrep