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Non-Exponential Growth Theory

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  • Ryo Horii

Abstract

To explain the observed stability in real GDP growth, endogenous growth theories typically need a knife-edge degree of externality, which is not supported by microlevel observations.We develop a model where a constant number of new goods are introduced per unit of time and focus on the movement of prices and quantities after introduction.In this environment, positive real GDP growth, as measured by SNA statistics, does not necessarily mean exponential growth in the quantity, quality, or variety of final outputs. We derive the conditions under which measured growth can be sustained, which are less restrictive than typical knife-edge assumptions.
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Suggested Citation

  • Ryo Horii, 2023. "Non-Exponential Growth Theory," ISER Discussion Paper 1212, Institute of Social and Economic Research, The University of Osaka.
    • Handle: RePEc:dpr:wpaper:1212
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    1. Jakub Growiec, 2007. "Beyond the Linearity Critique: The Knife-edge Assumption of Steady-state Growth," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 31(3), pages 489-499, June.
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    6. Aghion, Philippe & Akcigit, Ufuk & Howitt, Peter, 2014. "What Do We Learn From Schumpeterian Growth Theory?," Handbook of Economic Growth, in: Philippe Aghion & Steven Durlauf (ed.), Handbook of Economic Growth, edition 1, volume 2, chapter 0, pages 515-563, Elsevier.
    7. Klenow, Peter J. & Rodriguez-Clare, Andres, 2005. "Externalities and Growth," Handbook of Economic Growth, in: Philippe Aghion & Steven Durlauf (ed.), Handbook of Economic Growth, edition 1, volume 1, chapter 11, pages 817-861, Elsevier.
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