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Phelps' technical progress model generalized

Phelps' technical progress model generalized

Economics Letters 5: 177-182

Phelps' model of the research process with technical progress endogenous, which yields the conclusion that the rate of growth is faster and the consumption level is higher with a higher rate of growth of the labor force, is generalized and made more realistic by removing the restriction of homogeneity of degree one in the technical progress function and adding income and education as influences on technical progress. Even with the extensions, the results retain the simplicity of Phelps' results, and reinforce the conclusion that higher population growth implies a faster equilibrium rate of growth of the standard of living, exactly the opposite of conventional growth theory with technical progress exogenous. The more general function can be embedded in growth-theoretic models without upsetting the basic structure of their theory.

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Accession: 046973084

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PMID: 12312014

DOI: 10.1016/0165-1765(80)90095-6

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