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Lab Equipment Models of Research and Creative Ignorance

Day, Creina

Description

This paper introduces a general three sector growth framework to establish knife edge conditions for endogenous growth. We extend the lab equipment branch of the literature by introducing increasing returns to scale in R&D and decreasing returns to scale in human capital formation. The balanced growth equilibrium is characterized by creative ignorance. Ideas and human capital increase in a virtuous circle, but the frontier of ideas grows faster than the knowledge embodied in individuals. In...[Show more]

CollectionsANU Research Publications
Date published: 2009
Type: Conference paper
URI: http://hdl.handle.net/1885/55851
Source: Proceedings of the Australian Conference of Economists 2009

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