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Topics in Macroeconomics Volume 5, Issue 1 2005 Article 8 Matching Up the Data on Education with Economic Growth Models ´ ´Chris Papageorgiou∗ Fidel Perez-Sebastian† ∗Louisiana State University, cpapageorgiou@imf.org †Universidad de Alicante, fidel@merlin.fae.ua.es Copyright c©2005 by the authors. All rights reserved. No part of this publication may be re- produced, stored in a retrieval system, or transmitted, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise, without the prior written permission of the publisher, bepress

References Agestam, E. 1985. En produktionsmodell för blandbestånd av tall, gran och björk i Sverige. (A growth simulator for mixed stands of pine, spruce and birch in Sweden). Swedish University of Agricultural Sciences, Department of Forest and Yield Research. Report 15, 1-150. (In Swedish with English summary). Andreassen, K. & Øyen, B.-H. 2002. Nye tilvekstmodeller for granskog behandlet med bledningshogst. (New growth models for Norway spruce forest treated with selection system). - Research notes from Norwegian Forest Research Institute, 6/02, 10-12. (In

the growth rate of population. Simultaneously, another strand of literature introduced human capital in endogenous growth models with R&D, beginning with Arnold (1998, 2000a). In a combination of both lines of research, Strulik (2005) includes human capital accumulation in the Li’s model. His model shows that growth is dependent on both a non-scale endogenous component and a semi-endogenous component dependent on population growth. However, this last part includes different possibilities for the sign of the correlation between growth and population growth, dependent

55 3 A Growth Model Too large a proportion of recent “mathematical” economics are merely concoctions, as imprecise as the initial assumptions they rest on, which allow the author to lose sight of the complexities and interdependencies of the real world in a maze of pretentious and unhelpful symbols. JOHN MAYNARD KEYNES, THE GENERAL THEORY OF EMPLOYMENT, INTEREST AND MONEY The adequacy of any model meant to explain macroeconomic growth and unemployment depends on the economist’s ability to identify and include the relevant factors. The decision of which

1 8 Neoclassical Growth Models KARL SHELL Beginning with the classical economists, continuing through Adam Smith, Irs ing Fisher, and John Nlaynard Keynes, and down to contem- porary theorists, intertemporal economics has been a central subject for our discipline. As the study of how individuals and societies choose between present and future consumption, intertemporal eco- nomics incorporates such classic themes as saving, investment, and the accumulation of wealth. During the early 1950s, the center stage of economic theory was occupied by general

1 The original model The von Neumann growth model laid the foundation for economic models of general equilibrium. His model is remarkable for several reasons. First, prices of commodities and activity levels of production processes are endogenous. Second, his model has no resource constraints. Resources are not exogenous. They are not subject to given upper bounds. Third, commodities are both inputs and outputs. As inputs they make outputs that make inputs that make outputs and so on. Fourth, the model determines relative prices, relative activity levels of

The B.E. Journalof Macroeconomics Topics Volume 7, Issue 1 2007 Article 29 Political Sustainability of Unfunded Pensions in an Endogenous Growth Model Maksymilian Kwiek∗ ∗University of Southampton, m.kwiek@soton.ac.uk RecommendedCitation Maksymilian Kwiek (2007) “Political Sustainability of Unfunded Pensions in an Endogenous Growth Model,” The B.E. Journalof Macroeconomics: Vol. 7: Iss. 1 (Topics), Article 29. Political Sustainability of Unfunded Pensions in an Endogenous Growth Model Maksymilian Kwiek Abstract Cooley and Soares (1999) show that a pay

damped equations, Appl. Math. Comput., 296(2017), 257-269. [10] A. A. Kilbas, H. M. Srivastava, J. J. Trujillo, Theory and Applications of Fractional Differential Equations, Elsevier, Amsterdam, 2006. [11] R. Hilfer, Applications of Fractional Calculus in Physics, World Scientific, Singapore, 1999. [12] I. Tejado, D. Valério, E. Pérez, N. Valério, Fractional calculus in economic growth modelling: the Spanish and Portuguese cases, Int. J. Dyn. Control, 5(2017), 208-222. [13] J. A. T. Machado, M. E. Mata, A fractional perspective to the bond graph modelling of world

The B.E. Journal of Macroeconomics Topics Volume 8, Issue 1 2008 Article 1 The Importance of Industrial Policy in Quality-Ladder Growth Models Paolo E. Giordani∗ Luca Zamparelli† ∗European University Institute and LUISS Guido Carli, paolo.giordani@eui.eu †The University of Rome ‘La Sapienza’ and The New School for Social Research, zampl472@newschool.edu Recommended Citation Paolo E. Giordani and Luca Zamparelli (2008) “The Importance of Industrial Policy in Quality- Ladder Growth Models,” The B.E. Journal of Macroeconomics: Vol. 8: Iss. 1 (Topics), Article 1. The

Studies in Nonlinear Dynamics & Econometrics Volume 15, Issue 4 2011 Article 6 Stages of Economic Development in an Innovation-Education Growth Model Manuel A. Gómez∗ ∗University of A Coruña, mago@udc.es Copyright c©2011 De Gruyter. All rights reserved. Stages of Economic Development in an Innovation-Education Growth Model∗ Manuel A. Gómez Abstract Physical capital accumulation, knowledge formation and R&D-based technological progress are considered the three main sources of growth. The common view is that they characterize, in a temporal order, the three