Reference : Extensive and intensive growth in a neoclassical framework
Scientific journals : Article
Business & economic sciences : Macroeconomics & monetary economics
Extensive and intensive growth in a neoclassical framework
Irmen, Andreas mailto [University of Luxembourg > Faculty of Law, Economics and Finance (FDEF) > Center for Research in Economic Analysis (CREA)]
Journal of Economic Dynamics and Control
Yes (verified by ORBilu)
[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.)
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