# Difference between revisions of "Romer model"

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| Rate of discovery of new ideas || <math>\bar\theta</math> || | | Rate of discovery of new ideas || <math>\bar\theta</math> || | ||

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− | | Technology || ''A'' || | + | | Technology || ''A'' || || || || Endogenous || |

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| Number of people trying to discover new ideas || <math>L_A</math> || | | Number of people trying to discover new ideas || <math>L_A</math> || | ||

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==Mathematical formalism== | ==Mathematical formalism== | ||

## Revision as of 21:08, 16 September 2017

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 | ||||||

Technology | A |
Endogenous | ||||

Number of people trying to discover new ideas |

## 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):