Difference between revisions of "Romer model"

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(Variables in the 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'' ||
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| 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 \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

See also

External links

References