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- W1567314334 abstract "A central tenet of the New Growth Theory is the dependence of the rate of productivity growth on preferences and policy. In most existing endogenous growth models the growth rate depends not only on preferences and policy but is also increasing in scale variables, such as the size of the labor force or goods markets. The empirical evidence, contrary to the conclusions of Romer (1986), appears to contradict the predictions of these growth models. In particular, as Jones (1994) has shown, the assumed form of the R & D-productivity relationship underlying the R & D-based growth models is empirically contradicted, with the implication that the rate of growth is invariant to preferences. We analyze the importance of this conclusion in the context of a general equilibrium R & D-based growth model calibrated to U.S. data. We find that, although policy and other shocks have no effect on the rate of growth, there are first-order welfare and intermediate growth effects along the transition path which are very near in magnitude to those generated by the standard R & D-based growth model due to Romer (1987). This evidence indicates that, from both policy and analytical perspectives, focusing on the long run is unenlightening and potentially misleading regarding the determinants of R & D investment and productivity growth." @default.
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- W1567314334 date "1995-01-01" @default.
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- W1567314334 title "The Limits to 'Growing an Economy'" @default.
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