INSTITUTIONS, INNOVATION AND ECONOMIC GROWTH
2
조회
0
다운로드
4
인용
0
참고문헌
키워드
초록
This article contributes to the growth literature by developing a formal growth model that provides the basis for studying institutions and technological innovation and examining how human capital and institutional constraints affect the transitional and steady state growth rates of output. The model developed in this article shows that the reason that growth models à la Romer (1990) generate endogenous growth is the use of a set of restrictive and unrealistic assumptions regarding the role of institutions in the economy. The baseline model developed in this article shows that the long-run growth of the economy is intrinsically linked to institutions and suggests that an economy with institutions that retard or prevent the utilization of newly invented inputs will experience low levels and low growth rates of output. The model also predicts that countries with institutional barriers that prevent or restrict the adoption of newly invented technologies will allocate a relative small share of human capital in the R&D sector. Moreover, both the baseline and the extended version of the model suggest that sustainable growth in human capital, not an increase in the stock of human capital, generates a growth effect.
Abstract
This article contributes to the growth literature by developing a formal growth model that provides the basis for studying institutions and technological innovation and examining how human capital and institutional constraints affect the transitional and steady state growth rates of output. The model developed in this article shows that the reason that growth models à la Romer (1990) generate endogenous growth is the use of a set of restrictive and unrealistic assumptions regarding the role of institutions in the economy. The baseline model developed in this article shows that the long-run growth of the economy is intrinsically linked to institutions and suggests that an economy with institutions that retard or prevent the utilization of newly invented inputs will experience low levels and low growth rates of output. The model also predicts that countries with institutional barriers that prevent or restrict the adoption of newly invented technologies will allocate a relative small share of human capital in the R&D sector. Moreover, both the baseline and the extended version of the model suggest that sustainable growth in human capital, not an increase in the stock of human capital, generates a growth effect.
참고문헌 (49)
- Acemoglu,D., "The Colonial Origins of Comparative Development: An Empirical investigation", American Economic Review, 91(5), pp.1367~1401 (2001)
- Acemoglu,D., "Institutions as the Fundamental Cause of Long-Run Growth,” in ; Handbook of Economic Growth, Chapter 6" (2005), Elsevier
- Aghion,P., "A Model of Growth through Creative Destruction", Econometrica, 60(2), pp.323~351 (1992)
- Atkinson,G., "The Evolutionary Theory of the Development of Property and the State ; The Foundation of Institutional Economics" (1998), Routledge
- Baldwin,J., "Impediments to Advanced Technology Adoption for Canadian Manufacturers", Research Policy, 31(1), pp.1~18 (2002)
- Barro,R., "Determinants of Democracy", Journal of Political Economy, 107(6), pp.S158~S183 (1999)
- Denoon,D., "Settler Capitalism: The Dynamics of Dependent Development in the Southern Hemisphere" (1983), Clarendon Press
- Easterly,W., "Tropics, Germs, and Crops; How Endowments Influence Economic Development", Journal of Monetary Economics, 50, pp.3~39 (2003)
- Engerman, S.L., "Factor Endowments, Institutions and Differential Paths of Growth Among New World Economies; A View from Economic Historians of the United States, in ; How Latin America Fell Behind, Stanford", ~ (1997)
- Engerman,S.L., "Institutional and Non-Institutional Explanations of Economic Differences, Handbook of New Institutional Economics" (2005), Springer
- Freeman,C., "Technology Policy and Economic Performance: Lessons from Japan" (1987), Pinter Publishers
- Furubotn,E.G., "Institutions and Economic Growth" (2005), The University of Michigan Press
- Gallup,J.L., "Geography and Economic Development", International Regional Science Review, 22(2), pp.179~232 (1999)
- Gastil,R.D., "Freedom in the World: Political Rights and Civil Liberties" (1979), Freedom House
- Glaeser,E.L., "Do Institutions Cause Growth", Journal of Economic Growth, 9(1), pp.271~303 (2004)
- Gradstein,M., "Rules, Stability and Growth", Journal of Economic Development, 67, pp.471~484 (2002)
- Gradstein,M., "Governance and Growth", Journal of Development Economics, 73, pp.505~518 (2004)
- Grossman, G.M., "Innovation and Growth in the Global Economy, Cambridge" (1991), The MIT Press
- Hall,R.E., "Why Do Some Countries Produce So Much More Output Per Worker Than Others", Quarterly Journal of Economics, 114(1), pp.83~116 (1999)
- Haucap,J., "Unionisation Structures and Innovation Incentives", Economic Journal, 114(494), pp.C149~165 (2004)
- Huang,H., "Institutions, Innovations and Growth", American Economic Review, 89(2), pp.438~443 (1999)
- James, C., "Global Status of Commercialized Biotech", GM Crops: 2004, ISAAA Briefs, 32, ISAAA: Ithaca, NY, 2004
- James, C., "Global Review of the Field Testing and Commercialization of Transgenic Plants, 1986 to 1995: The First Decade of Crop Biotechnology, ISAAA Briefs, 1, ISAAA: Ithaca, NY", ~ (1996)
- Jones,C., "R&D-Based Models of Economic Growth", Journal of Political Economy, 103(4), pp.759~784 (1995)
- Knack,S., "Institutions and Economic Performance; Cross-Country Tests Using Alternative Institutional Measures", Economics and Politics, 7(3), pp.207~227 (1995)
- Kormendi,R.C., "Macroeconomic Determinants of Growth", Journal of Monetary Economics, 16, pp.141~163 (1985)
- Krattiger, A.F., "Insect Resistance in Crops: A Case Study of Bacillus Thuringiensis (Bt) and Its Transfer to Developing Countries, ISAAA Briefs 2, ISAAA: Ithaca, NY", ~ (1997)
- La Porta,R., "The Quality of Government", Journal of Law Economics & Organization, 15(1), pp.222~279 (1999)
- Grogan,L., "Growth Empirics with Institutional Measures for Transition Countries", Economic Systems, 25(4), pp.323~344 (2001)
- Lucas,R., "the Mechanics of Economic Development", Journal of Monetary Economics, 22(1), pp.3~42 (1988)
- Lundvall,Bengt-Ake, "National Systems of Innovation: Towards a Theory of Innovation and Interactive Learning" (1992), Pinter Publishers
- Matthews,R.C.O., "The Economics of Institutions and the Sources of Growth", Economic Journal, 96, pp.903~918 (1986)
- Mauro,P., "Corruption and Growth", Quarterly Journal of Economics, 110(3), pp.681~712 (1995)
- North,D.C., "Institutions, Institutional Change and Economic Performance" (1990), Cambridge University Press
- North,D.C., "The Rise of the Western World: A New Economic History" (1973), Cambridge University Press
- Rebelo,S., "Long-Run Policy Analysis and Long-Run Growth", Journal of Political Economy, 99(3), pp.500~521 (1991)
- Institutions for High-Quality Growth:What They Are and How to Acquire Them, "Rodrik,D.", ~, pp.7540 (2000)
- Rodrik,D., "In Search of Prosperity. Analytic Narratives on Economic Growth" (2003), Princeton University Press
- Romer,P., "Increasing Returns and Long-Run Growth", Journal of Political Economy, 94, pp.1002~1037 (1986)
- Romer,P., "Endogenous Technological Change", Journal of Political Economy, 98, pp.S71~S102 (1990)
- Romer,P., "Preface, in ; Patents, Citations & Innovations" (2002), The MIT Press
- Rosenberg,N., "Mandeville and Laissez-Faire", Journal of the History of Ideas, 24(2), pp.183~196 (1963)
- Sachs,J.D., "Tropical Underdevelopment, Center for International Development" (2000), Harvard University
- 15 Years of New Growth Economics: What Have We Learnt, "Sala-i-Martin", ~, pp.172, 22 (2002)
- Segerstrom,P.S., "Endogenous Growth Without Scale Effects", American Economic Review, 88(5), pp.1290~1310 (1998)
- Solow,R., "A Contribution to the Theory of Economic Growth", Quarterly Journal of Economics, 70, pp.65~94 (1956)
- Do Institutions Impact Innovation, "Tebaldi,E.", ~, pp.8757 (2008)
- Uzawa,H., "Technical Change in an Aggregative Model of Economic Growth", International Economic Review, 6, pp.18~31 (1965)
- Young,A., "Growth Without Scale Effects", Journal of Political Economy, 106(1), pp.41~63 (1998)