Robust Endogenous Growth
نویسنده
چکیده
This paper studies a generalization of the Schumpeterian models with endogenous market structure that allows the overall production structure to be more than linear in the growthdriving factor and yet generates endogenous growth, defined as steady-state, constant, exponential growth of income per capita. This version of modern growth theory, therefore, is robust in the sense that its key result obtains for a thick set of parameter values instead of, as often claimed, for a set of measure zero. The paper, moreover, pays close attention to transitional dynamics, showing not only the existence but also the global stability of the endogenous-growth steady state.
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