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arXiv · 1805.00668

Endogenous growth - A dynamic technology augmentation of the Solow model

Murad Kasim
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Abstract

In this paper, I endeavour to construct a new model, by extending the classic exogenous economic growth model by including a measurement which tries to explain and quantify the size of technological innovation ( A ) endogenously. I do not agree technology is a "constant" exogenous variable, because it is humans who create all technological innovations, and it depends on how much human and physical capital is allocated for its research. I inspect several possible approaches to do this, and then I test my model both against sample and real world evidence data. I call this method "dynamic" because it tries to model the details in resource allocations between research, labor and capital, by affecting each other interactively. In the end, I point out which is the new residual and the parts of the economic growth model which can be further improved.

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Murad Kasim. 2018-05-02. Endogenous growth - A dynamic technology augmentation of the Solow model. https://arxiv.org/abs/1805.00668

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