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69

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^6<` Uhehor/ Vhujlr Orqj Uxq Srolf| Dqdo|vlv dqg Orqj Uxq Jurzwk/ Mrxuqdo ri Srolwlfdo Hfrqrp|/ <<= 8330854/ 4<<41 ^73` Ulyhud0Edwl}/ Oxlv dqg Sdxo Urphu Lqwhuqdwlrqdo Wudgh zlwk Hqgrjhqrxv Whfkqlfdo Fkdqjh/ Hxurshdq Hfrqrplf Uhylhz/ 68= <:404334/ 4<<41 ^74` Urphu/ Sdxo Lqfuhdvlqj Uhwxuqv dqg Orqj Uxq Jurzwk/ Mrxuqdo ri Srolwlfdo Hfrqrp|/ <7= 43350436:/ 4<;91 ^75` Urphu/ Sdxo Hqgrjhqrxv Whfkqlfdo Fkdqjh/ Mrxuqdo ri Srolwlfdo Hfrqrp|/ <;= V:40V435/ 4<<31 ^76` Vdfkv/ Mhuh| dqg Dqguhz Zduqhu Qdwxudo Uhvrxufhv Dexqgdqfh dqg Hfr0 qrplf Jurzwk/ Zrunlqj Sdshu/ Kduydug Lqvwlwxwh iru Hfrqrplf Ghyhors0 phqw/ 4<<81 ^77` Vdwr/ Nd}xr Rq wkh Dgmxvwphqw Wlph lq Qhrfodvvlfdo Jurzwk Prghov/ Uhylhz ri Hfrqrplf Vwxglhv/ 66= 5960;/ 4<991 ^78` Vdwr/ U|x}r Ilvfdo Srolf| lq wkh Qhrfodvvlfdo Jurzwk Prgho= Dq Dqdo|vlv ri wkh Wlph Uhtxluhg iru Htxloleudwlqj Dgmxvwphqw/ Uhylhz ri Hfrqrplf Vwxglhv/ 63= 49056/ 4<961

73

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75

The Role of Knowledge and Capital in Economic Growth

the empirical front there was an intense search for variables that correlate with ... In this model there is a single good whose production (Yt) involves the use of labor (N) and ... with the choice of investment rules not grounded on optimization. 5 .... firms. The aggregate capital stock is given by: Kt = nKt. If the economy saves a.

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