KNOWLEDGE-BASED GROWTH
成果类型：
Article
署名作者：
FREEMAN, S; POLASKY, S
署名单位：
Boston College; University of Texas System; University of Texas Austin; Federal Reserve System - USA; Federal Reserve Bank - Dallas
刊物名称：
JOURNAL OF MONETARY ECONOMICS
ISSN/ISSBN：
0304-3932
DOI：
10.1016/0304-3932(92)90041-Y
发表日期：
1992
页码：
3-24
关键词：
摘要：
This paper presents a model displaying sustained growth in output resulting from the accumulation of knowledge. The accumulation of knowledge is endogenous, determined by a level of study chosen by optimizing agents. Although knowledge can be owned and sold, its equilibrium price is below its value to future production, implying that the equilibrium suffers from a Pareto-nonoptimal underaccumulation of knowledge. These features of the equilibrium result from two special properties of knowledge: (i) an agent's stock of knowledge is undiminished by the transmission of that knowledge to someone else and (ii) the transmission of knowledge cannot be fully observed.
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