TAILIEUCHUNG - Capital, innovation, and growth accounting

Our starting point is the series of discourses that take as their object of concern the structures and regulation of professions. To an extent this involves a brief elaboration of the work of theorists of professionals. Our concern, however, is not to provide a review of the literature on professions, rather this section explores how professionals and regulators draw upon such theories in making sense of their world, and changes to it. So we are less concerned with the intellectual solidity or coherence of such theorisations than with mapping out the discursive terrain for the characterisation of the regulation of. | Oxford Review of Economic Policy Volume 23 Number 1 2007 Capital innovation and growth accounting Philippe Aghion and Peter Howitt Abstract In this paper we show how moving from the neoclassical model to the more recent endogenous growth paradigm can lead to markedly different interpretations of the same growth accounting data. In neoclassical theory even if between 30 and 70 per cent of the growth of output per worker in OECD countries can be accounted for by capital accumulation yet in the long run all of the growth in output per worker is caused by technological progress. Next we develop a hybrid model in which capital accumulation takes place as in the neoclassical model but productivity growth arises endogenously as in the Schumpeterian model. The hybrid model is consistent with the empirical evidence on growth accounting as is the neoclassical model. But the causal explanation that it provides for economic growth is quite different from that of the neoclassical model. Key words capital innovation growth JEL classification O0 I. Introduction Fifty years after its publication the Solow model remains the unavoidable benchmark in growth economics the equivalent of what the Modigliani-Miller theorem is to corporate finance or the Arrow-Debreu model is to microeconomics. And there are at least two good reasons for this. First with only two equations the production technology and the capital accumulation equations the Solow model sets the standards of what a parsimonious and yet rigorous growth model should be. Second the model shows the impossibility of sustained long-run growth of per capita GDP in the absence of technological progress. Underlying this pessimistic long-run result is the principle of diminishing marginal productivity which puts an upper limit on how much output a person can produce simply by working with more and more capital given the state of technology. Over the past 20 years new endogenous growth models have been developed . by .

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