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  • Chapter 4 The Economics of Ideas

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    Ertug Kepenek
    100 просмотров21 страница
    The document discusses neoclassical economic growth theories that focus on capital accumulation but also emphasize the importance of technology. It provides examples showing how new ideas and technological progress, like those that improved lighting efficiency, can transform inputs to generate more or better outputs. These ideas exhibit nonrivalry and increasing returns, potentially leading to imperfect competition as described in models by Romer and Nordhaus.

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    Chapter 4 the Economics of Ideas

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    The document discusses neoclassical economic growth theories that focus on capital accumulation but also emphasize the importance of technology. It provides examples showing how new ideas and technological progress, like those that improved lighting efficiency, can transform inputs to generate more or better outputs. These ideas exhibit nonrivalry and increasing returns, potentially leading to imperfect competition as described in models by Romer and Nordhaus.

    Авторское право:

    Attribution Non-Commercial (BY-NC)
    Скачайте в формате PPTX, PDF, TXT или читайте онлайн в Scribd
    Отметить как неприемлемый контент
    100 просмотров21 страница

    Chapter 4 The Economics of Ideas

    Загружено:

    Ertug Kepenek
    The document discusses neoclassical economic growth theories that focus on capital accumulation but also emphasize the importance of technology. It provides examples showing how new ideas and technological progress, like those that improved lighting efficiency, can transform inputs to generate more or better outputs. These ideas exhibit nonrivalry and increasing returns, potentially leading to imperfect competition as described in models by Romer and Nordhaus.

    Авторское право:

    Attribution Non-Commercial (BY-NC)
    Скачайте в формате PPTX, PDF, TXT или читайте онлайн в Scribd
    Отметить как неприемлемый контент
    из 21

    The neoclassical models we have studied so far are in many ways capital-based theories of economic growth.

    These theories focus on modeling the accumulation of physical and human capital.In other sense,however,the theories emphasize the importance of technology. For example,the models do not generate economic growth in the absence of technological process and differences help to explain why some countries are rich and others are poor.

    Technology is the way inputs to the production process are transformed into output. Ideas improve the technology of production.A new idea allows a given bundle of inputs to produce more or better output. Paul Romer(1985):Nearderthals used iron oxide as a pigment to create drawings on the walls of caves.Now,we paint iron oxide onto magnetic tape to produce VCR recordings.

    William

    Nordhaus(1994):In 1800,light was provided by candles and oil lamps,whereas today we have very efficent fluorescent bulbs. He has calculated that the qualityadjusted price of light has fallen by a factor of 4.000 since the year 1800.

    Ideas Nonrivalry Increasing ReturnsImperfect Competition

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