Deutsch
Arnold, Lutz G. (2000) Endogenous technological change: a note on stability. Economic Theory 16 (1), pp. 219-226.
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Abstract
This paper demonstrates that the steady-state solution of the optimal-growth problem in Romer's (1990) model of endogenous technological change is globally saddle-point stable. Surprisingly, the proof of this result is trivial. Interest in the optimal growth path is justified by the fact that there is a (unique) combination of production and R&D subsidies by means of which the optimal growth path is attained as a market equilibrium.
| Item Type: | Article | ||||
|---|---|---|---|---|---|
| Institutions: | Business, Economics and Information Systems > Institut für Volkswirtschaftslehre und Ökonometrie > Lehrstuhl für Theoretische Volkswirtschaft (Prof. Dr. Lutz Arnold) | ||||
| Identification Number: |
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| Keywords: | R&D, Endogenous growth, Saddle-point stability, Transitional dynamics | ||||
| Subjects: | 300 Social sciences > 330 Economics | ||||
| Status: | Published | ||||
| Refereed: | Yes, this version has been refereed | ||||
| Created at the University of Regensburg: | Unknown | ||||
| Owner: | Universitätsbibliothek Regensburg | ||||
| Deposited On: | 24 Jun 2010 07:01 | ||||
| Last Modified: | 24 Jun 2010 07:01 | ||||
| Item ID: | 15552 |
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