When economic growth is less than exponential

摘要: This paper argues that growth theory needs a more general notion of "regularity" than exponential growth. We suggest paths along which the rate decline is proportional to itself deserve attention. opens up for considering richer set parameter combinations in standard models. Moreover, it avoids usual oversimplistic dichotomy either or stagnation. Allowing zero population three different models (the Jones R&D-based model, learning-by-doing and an embodied technical change model) serves as illustration continuum "regular" processes fill whole range between complete