# Romer model

From Devec

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):