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Economic growth, increasing results and monopolist competition

Author

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  • Pedro Cavalcanti Ferreira
  • Roberto Ellery Jr.

Abstract

In this article we investigate the theoretical shortcomings of traditionalneoclassical growth models and how the new literature of endogenous growth has emergedto overcome these shortcomings. We study the theoretical reasons for hypothesis in thetraditional models – some of them necessary for the existence of equilibrium – that impliedcounter-factual empirical results, like convergence. We will investigate how these hypotheseswere relaxed or substituted, up to a point where the new literature ends up working withincreasing returns and monopolist competition models of Schumpeterian inspiration thatdeliver sustained growth and creative destruction. JEL Classification: O41; O11.

Suggested Citation

  • Pedro Cavalcanti Ferreira & Roberto Ellery Jr., 1996. "Economic growth, increasing results and monopolist competition," Brazilian Journal of Political Economy, Center of Political Economy, vol. 16(2), pages 252-273.
    • Handle: RePEc:ekm:repojs:v:16:y:1996:i:2:p:252-273:id:1204
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    File URL: https://centrodeeconomiapolitica.org.br/repojs/index.php/journal/article/view/1204/1189
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    More about this item

    Keywords

    Endogenous growth models; economic growth; Neo-Scjumpeterian analysis;
    All these keywords.

    JEL classification:

    • O41 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - One, Two, and Multisector Growth Models
    • O11 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development

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