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Volatility and Growth$
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Philippe Aghion and Abhijit Banerjee

Print publication date: 2005

Print ISBN-13: 9780199248612

Published to Oxford Scholarship Online: January 2007

DOI: 10.1093/acprof:oso/9780199248612.001.0001

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Volatility and Growth: AK versus Schumpeterian Approach

Volatility and Growth: AK versus Schumpeterian Approach

(p.10) 1 Volatility and Growth: AK versus Schumpeterian Approach
Volatility and Growth

Phillippe Aghion (Contributor Webpage)

Abhijit Banerjee (Contributor Webpage)

Oxford University Press

The modern approach to growth, often called ‘new growth theory’, consists of two quite distinct theories. One is the so-called AK approach, which emphasizes the role of capital accumulation. The alternative to the AK model is the Schumpeterian model, which emphasizes the role of R&D and productivity-enhancing investments in the growth process. This chapter reviews what these two canonical views of growth say about how volatility affects growth.

Keywords:   new growth theory, AK model, Schumpeterian model

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