Product-variety model
From Devec
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.[1]
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References
- ↑ Aghion, Philippe; Howitt, Peter W. The Economics of Growth.
