Endogenous growth: Fragile foundations?

Yunfang Hu, Murray C. Kemp, Koji Shimomura

    Research output: Contribution to journalArticlepeer-review

    4 Citations (Scopus)

    Abstract

    The Frankel, Romer and Lucas theories of endogenous growth rest on the assumptions of knowledge-based externalities and price-taking representative agents. It is argued that, in a context of long-run growth, these assumptions are mutually incompatible, that representative agents will cooperate to internalize the externalities and will cease to be price takers, and that, therefore, the relevance of theories based on those assumptions must be questioned.

    Original languageEnglish
    Pages (from-to)113-115
    Number of pages3
    JournalReview of Development Economics
    Volume10
    Issue number1
    DOIs
    Publication statusPublished - 2006 Feb 1

    ASJC Scopus subject areas

    • Geography, Planning and Development
    • Development

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