Articles by P. Romer (1986) and R. Lucas (1988) provided a starting point for research, which, in contrast to the former neoclassical view, called for endogenous determination of technological change, which implied endogenous determination of the sources of growth. This new approach is characterized by the departure from the usual assumption of diminishing returns of capital or, more generally, of the accumulated factor.
The idea of increasing returns in neoclassical growth models
TONDINI, Giovanni;
2006-01-01
Abstract
Articles by P. Romer (1986) and R. Lucas (1988) provided a starting point for research, which, in contrast to the former neoclassical view, called for endogenous determination of technological change, which implied endogenous determination of the sources of growth. This new approach is characterized by the departure from the usual assumption of diminishing returns of capital or, more generally, of the accumulated factor.
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