Capital accumulation and innovation as complementary factors in long-run growth

被引：96

作者：

Howitt P. ^{[1
]}

Aghion P. ^{[2
,3
]}

机构：

[1] Ohio State University, Department of Economics, 410 Arps Hall, Columbus, OH 43210-1172

[2] University College, London

[3] EBRD, Department of Economics, London WCIE 6BT, Gower Street

来源：

Journal of Economic Growth | 1998年 / 3卷 / 2期

关键词：

Capital accumulation; Creative destruction; Economic growth; Innovation;

D O I：

10.1023/A:1009769717601

中图分类号：

学科分类号：

摘要：

We study capital accumulation and innovation as determinants of long-run growth by adding capital to our earlier model of creative destruction. No special functional forms are imposed on the aggregate production function. The equations describing perfect foresight equilibrium are identical to those of the augmented Ramsey-Cass-Koopmans model, except that the rate of technological change is a function of the stock of capital per effective worker. Contrary to previous models, a subsidy to capital accumulation will raise the long-run growth rate. The key assumption is that capital is used in R&D. Some evidence is presented on the capital intensity of R&D. © 1998 Kluwer Academic Publishers.

引用

页码：111 / 130

页数：19

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