Lecture Notes on Economic Growth(II): Five Prototype Models of Endogenous Growth
This paper explores the five simplest models of endogenous growth. We start with the AK model (Rebelo (1990)) and argue that all endogenous growth models can be viewed as variations or microfoundations of it. We then examine the Barro (1990) model of government spending and growth. Next we look at the Arrow-Sheshinskj-Romer model of learning by doing and externalities. The Lucas (1988) model of human capital accumulation is then considered. Finally, we present a simple model of R&D and growth.