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'Post-neoclassical Endogenous Growth Theory': What Are Its Policy Implications?

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  • Crafts, Nick

Abstract

Ideas from new growth economics are considered in the context of British economic policy. A distinction is drawn between "broad capital" and "endogenous innovation" growth models and the latter are seen as more helpful. Solow's insight that in the long run growth is independent of routine investment is regarded as still valid but the neoclassical assumption of convergence in technology is not. A key goal of policy should be to target the rate of total factor productivity growth and thus to address market failures inhibiting technology transfer. Policy initiatives should include institutional reforms as well as the appropriate design of taxes and subsidies. Copyright 1996 by Oxford University Press.

Suggested Citation

  • Crafts, Nick, 1996. "'Post-neoclassical Endogenous Growth Theory': What Are Its Policy Implications?," Oxford Review of Economic Policy, Oxford University Press and Oxford Review of Economic Policy Limited, vol. 12(2), pages 30-47, Summer.
    • Handle: RePEc:oup:oxford:v:12:y:1996:i:2:p:30-47
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    Cited by:

    1. Torben Holvad & John Preston, 2005. "Road Transport Investment Projects and Additional Economic Benefits," ERSA conference papers ersa05p522, European Regional Science Association.
    2. repec:oup:rseval:v:32:y:2024:i:2:p:171-187. is not listed on IDEAS
    3. Nelson, Richard R & Pack, Howard, 1999. "The Asian Miracle and Modern Growth Theory," Economic Journal, Royal Economic Society, vol. 109(457), pages 416-436, July.
    4. Dominic Williams, 2010. "Industrial Policy," Local Economy, London South Bank University, vol. 25(8), pages 612-621, December.
    5. Francesco Guala & Andrea Salanti, 2002. "Model-robustness in ‘old’ and ‘new’ growth theory," Working Papers (-2012) 0201, University of Bergamo, Department of Economics.
    6. Dutz, Mark & Hayri, Aydin, 1999. "Does More Intense Competition Lead to Higher Growth?," CEPR Discussion Papers 2249, C.E.P.R. Discussion Papers.
    7. Yingqi Wei & Xiaming Liu & Haiyan Song & Peter Romilly, 2001. "Endogenous innovation growth theory and regional income convergence in China," Journal of International Development, John Wiley & Sons, Ltd., vol. 13(2), pages 153-168.
    8. Brahim Gaies & Mahmoud‐Sami Nabi, 2021. "Banking crises and economic growth in developing countries: Why privileging foreign direct investment over external debt?," Bulletin of Economic Research, Wiley Blackwell, vol. 73(4), pages 736-761, October.
    9. Kulshreshtha, Mudit & Parikh, Jyoti K., 2001. "A study of productivity in the Indian coal sector," Energy Policy, Elsevier, vol. 29(9), pages 701-713, July.
    10. Ben Fine, 1998. "Endogenous Growth Theory: A Critical Assessment," Working Papers 80, Department of Economics, SOAS University of London, UK.
    11. Alexandru Cristian Fotea & Corneliu Guțu, 2016. "Historical and Theoretical Framework of the Relation between Higher Education Institutions and the Process of Regional Economic Development," Entrepreneurial Business and Economics Review, Centre for Strategic and International Entrepreneurship at the Cracow University of Economics., vol. 4(1), pages 23-42.
    12. Mendieta Muñoz, Rodrigo & Pontarollo, Nicola, 2015. "Cantonal Convergence in Ecuador: A Spatial Econometric Perspective," MPRA Paper 68399, University Library of Munich, Germany.

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