Unlimited Quote Collections
Organize your favorite quotes without limits. Create themed collections for every occasion with Premium.
The last chapter modeled technological progress as an increase in the number of types of products, N. In this chapter, we allow for improvements in t… - Robert Barro
" "The last chapter modeled technological progress as an increase in the number of types of products, N. In this chapter, we allow for improvements in the quality or productivity of each type. This approach has come to be known as the Schumpeterian approach to endogenous growth. We can think of increases in N as basic innovations that amount to dramatically new kinds of goods or methods of production. In contrast, increases in the quality of the existing products involve a continuing series of improvements and refinements of goods and techniques.
English
Collect this quote
About Robert Barro
Robert Joseph Barro (born September 28, 1944) is an American classical macroeconomist and the Paul M. Warburg Professor of Economics at Harvard University.
Also Known As
Native Name:
Robert Joseph Barro
Related quotes. More quotes will automatically load as you scroll down, or you can use the load more buttons.
Additional quotes by Robert Barro
In contrast to Smith’s incomplete modeling, his follower, David Ricardo, provides a coherent setting— basically, the first macroeconomic model—that can be tested, modified, and applied. Although Ricardo is surely narrower and less imaginative and insightful than Smith, he is also a lot better organized. That is why Ricardo’s analysis of macroeconomics—for example, of the implications of public debt—is more coherent and useful than Smith’s.
Loading...