TY - JOUR
T1 - Endogenous growth
T2 - Fragile foundations?
AU - Hu, Yunfang
AU - Kemp, Murray C.
AU - Shimomura, Koji
PY - 2006/2/1
Y1 - 2006/2/1
N2 - 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.
AB - 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.
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U2 - 10.1111/j.1467-9361.2005.00304.x
DO - 10.1111/j.1467-9361.2005.00304.x
M3 - Article
AN - SCOPUS:33646593512
SN - 1363-6669
VL - 10
SP - 113
EP - 115
JO - Review of Development Economics
JF - Review of Development Economics
IS - 1
ER -