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Rethinking the Concept of Long-Run Economic Growth
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Abstract
This paper argues that growth theory needs a more general “regularity” concept than that of exponential growth. This offers the possibility of considering a richer set of parameter combinations than in standard growth models. Allowing zero population growth in the Jones (1995) model serves as our illustration of the usefulness of a general concept of “regular growth”.exponential growth, arithmetic growth, regular growth, semi-endogenous growth, knife-edge restrictions