Combining Semi-Endogenous and Fully Endogenous Growth: a Generalization
Journal
Economics Letters
ISSN
0165-1765
ISSN-Digital
1873-7374
Type
journal article
Date Issued
2017-06
Author(s)
Abstract
This paper shows that combining the semi-endogenous and the fully endogenous growth mechanisms with a general CES aggregator, either growth process can prevail in the balanced growth path depending on their degree of complementarity/substitutability. Policy-induced long-run economic switches to the fully endogenous steady state as the R&D employment ratio surpasses a positive threshold are possible if the two growth engines are gross substitutes.
Language
English
HSG Classification
contribution to scientific community
HSG Profile Area
SEPS - Economic Policy
Publisher
Elsevier
Publisher place
Amsterdam [u.a.]
Volume
155
Start page
89
End page
91
Subject(s)
Eprints ID
250655
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