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Models of Endogenous Growth with Infinite Horizon

In: Intertemporal Macroeconomic Models, Money and Rational Choices

Author

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  • Giuseppe Chirichiello

    (University of Rome)

Abstract

In this chapter we introduce endogenous growth models with infinite horizon. However, it would be futile to look for a leitmotif in the various proposals advanced in the literature. We describe the class of aggregate models by distinguishing between competitive and non-competitive models and among the latter we limit ourselves only to the model of Romer (1987). For our purposes, the common feature of competitive and non-competitive model is the departure from the constant-returns-to-scale assumption. The initial reason for departing from this assumption (Romer, 1986) is the incompatibility of neoclassical growth models with a production-function technology (in Solow’s model and in optimal growth models) and some stylized facts. In particular, long run sustained growth of per capita real income is highlighted by time series. For example, in the period 1870–1990 the eight most developed countries in the OECD area had a growth rate of per capita real income (not less or) greater than 1.5 per cent (Barro and Sala-I-Martin, 1995).

Suggested Citation

  • Giuseppe Chirichiello, 2000. "Models of Endogenous Growth with Infinite Horizon," Palgrave Macmillan Books, in: Intertemporal Macroeconomic Models, Money and Rational Choices, chapter 6, pages 181-218, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-333-97742-2_6
    DOI: 10.1057/9780333977422_6
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