Increasing Returns and Long-Run Growth
构建了一个知识具有递增边际生产率的长期增长模型，在竞争均衡框架下引入内生技术变革，解释了增长率递增、小扰动放大及大国增长更快等现象，并用长期数据支持其经验相关性。
This paper presents a fully specified model of long-run growth in which knowledge is assumed to be an input in production that has increasing marginal productivity. It is essentially a competitive equilibrium model with endogenous technological change. In contrast to models based on diminishing returns, growth rates can be increasing over time, the effects of small disturbances can be amplified by the actions of private agents, and large countries may always grow faster than small countries. Long-run evidence is offered in support of the empirical relevance of these possibilities.