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Information Technology, Productivity, and Economic GrowthInternational Evidence and Implications for Economic Development$
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Matti Pohjola

Print publication date: 2001

Print ISBN-13: 9780199243983

Published to Oxford Scholarship Online: October 2011

DOI: 10.1093/acprof:oso/9780199243983.001.0001

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PRINTED FROM OXFORD SCHOLARSHIP ONLINE (oxford.universitypressscholarship.com). (c) Copyright Oxford University Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use. date: 17 January 2022

The Role of Knowledge and Capital in Economic Growth

The Role of Knowledge and Capital in Economic Growth

(p.33) 2 The Role of Knowledge and Capital in Economic Growth
Information Technology, Productivity, and Economic Growth


Oxford University Press

One of the most active fields of research in economics over the last fifteen years includes the determination of the forces which affect the economic growth rate. While researchers have already been able to come up with several different models of gaining sustained growth even without the exogenous growth in productivity, research is still ongoing for variables that may be correlated with growth performance in the different versions of the Summers and Heston data set or simply the business cycles. It was found that a certain agent would be willing to sacrifice a portion of his consumption in exchange for living in an economy that experiences a faster growth rate. This chapter looks into the evolution of various growth models, specifically the neoclassical growth model, and examine how human capital and the state of technology should be incorporated in models of endogenous technological progress.

Keywords:   economic growth rate, exogenous growth, productivity, neoclassical growth model, growth models, technological progress, business cycles

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