Reference : Extensive and intensive growth in a neoclassical framework
Scientific journals : Article
Business & economic sciences : Macroeconomics & monetary economics
http://hdl.handle.net/10993/12272
Extensive and intensive growth in a neoclassical framework
English
Irmen, Andreas mailto [University of Luxembourg > Faculty of Law, Economics and Finance (FDEF) > Center for Research in Economic Analysis (CREA)]
2005
Journal of Economic Dynamics & Control
29
8
1427-1448
Yes (verified by ORBilu)
International
0165-1889
[en] Endogenous Technical Change ; Induced Innovation ; Productivity Growth
[en] Extensive growth based on the expansion of inputs is likely to be subject to diminishing returns. Therefore it is often viewed as having no effect on per capita magnitudes in the long run. This Paper argues that periods of extensive growth through capital accumulation may be a precursor to periods of intensive growth during which output per unit of input grows through endogenous technical change. Such a sequence of stages of development occurs as capital accumulation affects the incentives to engage in labour-saving technical change. A steady rise in the capital-labour ratio affects the relative scarcity of factors of production, their (expected) relative price, and induces innovation investments.<P>(This abstract was borrowed from another version of this item.)
Researchers ; Professionals ; Students
http://hdl.handle.net/10993/12272
http://ideas.repec.org/a/eee/dyncon/v29y2005i8p1427-1448.html

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