54591. The Role of Knowledge and Capital in Economic Growth
- Author:
- Sergio Rebelo
- Publication Date:
- 09-1998
- Content Type:
- Working Paper
- Institution:
- United Nations University
- Abstract:
- Starting from the celebrated neoclassical (Solow) model of economic growth, this paper discusses new ideas in growth theory focussing on how to make sustained growth feasible. It first reviews models that broadened the notion of capital to include human capital and the state of technology. These extensions of the neoclassical theory are not very satisfying at a descriptive level because productivity growth is associated with either human or physical capital accumulation in a way that does not interact with the invention of new technologies.
- Topic:
- Economics and Science and Technology