Romer model

The Romer model is a long-run economic growth model.

Variables in the model

Name	Variable	Unit	Set of possible values	Rival input?	Variable type	Notes
Rate of discovery of new ideas	${\bar {\theta }}$
Technology	A				Endogenous
Number of people trying to discover new ideas	$L_{A}$

Mathematical formalism

In addition to the equations for the Solow–Swan model, there is an equation describing the discovery of new ideas (Jones & Vollrath, p100):

${\dot {A}}={\bar {\theta }}L_{A}$