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KNOWLEDGE-BASED GROWTH
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AI
DOI：10.1016/0304-3932(92)90041-Y.png)
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This paper presents a model displaying sustained growth in output resulting from the accumulation of knowledge. The accumulation of knowledge is endogenous, determined by a level of study chosen by optimizing agents. Although knowledge can be owned and sold, its equilibrium price is below its value to future production, implying that the equilibrium suffers from a Pareto-nonoptimal underaccumulation of knowledge. These features of the equilibrium result from two special properties of knowledge: (i) an agent's stock of knowledge is undiminished by the transmission of that knowledge to someone else and (ii) the transmission of knowledge cannot be fully observed.
Keyword:
LONG-RUN GROWTH
INCREASING RETURNS
MONOPOLY
期刊
IF:
4.1
论文数:
3.2K
被引数:
1.1W
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