Rethinking the Concept of Long-Run Economic Growth

Abstract

This paper argues that growth theory needs a more general “regularity” concept than that of exponential growth. This opens up for 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