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By Bjarne Sloth Jensen, Kar-yiu Wong
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Extra info for Dynamics, Economic Growth, and International Trade (Studies in International Economics)
Several efforts have been made to eliminate the scale effects in R&D. Jones (1995b) modifies the R&D equation by allowing declining rate of innovation with the level of knowledge and externalities due to duplication in the R&D process. Segerstrom (1995), following Lucas (1988), introduces human capital which grows through education and knowledge spillover.
Y hm K =A, k-too (8') Endogenous Growth and International Trade: A Survey 19 where A = aI/a. In other words, the production function is asymptotically linear. Equation (8') represents the famous AK model. Assuming no technological progress, the growth rate of output is (10) or that of the per capita output is y= K - n. (10') Making use of the investment equation (3') and (8'), the growth rate of the economy's per capita income is y= sA - 8 - n. (10") Equation (10") has two important implications.
10") Equation (10") has two important implications. First, if the saving rate is high enough, and if A is big enough, the economy can have a positive sustained growth. Second, the growth rate of the economy depends on variables such as saving rate, technology level, and population growth rate. Therefore, any government policies that affect these variables will have a growth effect. The adjustment and steady state of the economy can be illustrated in figure 2. Assuming a constant saving rate, the schedule sy / k is downward sloping, but is bounded from below by the line sA.