Difference between revisions of "Product-variety model"
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Latest revision as of 18:25, 7 May 2018
The product-variety model is a long-run economic growth model.
The product-variety model of Romer (1990) is a branch of innovation-based growth models. According to the PVM, innovation causes productivity growth by creating new, but not necessarily improved, varieties of products.
- Aghion, Philippe; Howitt, Peter W. The Economics of Growth.