Endogenous Growth Models
نویسنده
چکیده
Much of the recent literature distinguishes between exogenous and endogenous growth models. We have studied the former, and now we look at the latter. What is the difference? The importance difference is that in the former the steady-state growth rate is determined exogenously, e.g., technical change. In the latter, it is determined endogenously. The models are interesting because they often leave a role for policy. One of the main reasons why economists have grown interested in endogenous growth is because of an empirical puzzle. The neo-classical model predicts that countries with low per-capita incomes grow faster than those with high y, so that over time per-capita incomes converge. At first the data we had seemed to support this prediction, but soon it became evident that this result was a product of sample selection; the early data sets included only those countries that had industrialized, so their per-capita incomes had been growing closer over time. When attention was shifted to broader data sets it became apparent that poor countries were not converging, on average. For every South Korea there was a Phillipines, where per-capita income over 1960-85 grew at a slightly lower rate than in the US despite the fact that in 1960 yp =0.1yUS. This observation presents a problem for the standard model of growth. To see why assume that
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