Threshold Externalities in Economic Development
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ID: 290806
1990
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Abstract
Standard one-sector growth models often have the counterfactual implication that economies with access to similar technologies will converge to a common balanced growth path. We propose an elaboration of the Diamond model that permits multiple, locally stable stationary states. This multiplicity is due to increasing social returns to scale in the accumulation of human capital.
| Reference Key |
openalex_W2002425710
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|---|---|
| Authors | Costas Azariadis, Allan Drazen |
| Journal | the quarterly journal of economics |
| Year | 1990 |
| DOI |
10.2307/2937797
|
| URL | |
| Keywords | Keywords not found |
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