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Conclusion

  • Michael Bräuninger
Chapter
  • 133 Downloads
Part of the Contributions to Economics book series (CE)

Abstract

Endogenous growth comes from learning by doing. Labour efficiency depends on the amount of knowledge accumulated, which in turn is assumed to be proportional to the stock of capital. Therefore the production function is of the AK type. As a result, output is proportional to capital, and output growth is determined by capital growth.

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Copyright information

© Springer-Verlag Berlin Heidelberg 2003

Authors and Affiliations

  • Michael Bräuninger
    • 1
  1. 1.Institut für Theoretische VolkswirtschaftslehreUniversität der Bundeswehr HamburgHamburgGermany

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