Contributions To Economics
While Shell has published academic articles on numerous topics in economics, he is primarily known for his contributions in three areas.
Between 1966 and 1973, Shell published three papers on inventive activity, increasing returns to scale, industrial organization, and economic growth. This contribution was important in its day, and later influenced the development of "new growth theory." Among others, Paul Romer cited and heavily built upon Shell's work in his seminal papers on endogenous growth theory.
Shell also made important contributions to the overlapping generations literature (and was perhaps the first to refer to the overlapping generations model by its modern name). The overlapping generations model is now a workhorse in modern macroeconomics and monetary economics.
Karl Shell is also co-inventor (with David Cass) of the concept of sunspot equilibrium (and sunspots).
Read more about this topic: Karl Shell
Famous quotes containing the words contributions to and/or economics:
“The vast material displacements the machine has made in our physical environment are perhaps in the long run less important than its spiritual contributions to our culture.”
—Lewis Mumford (1895–1990)
“The new sound-sphere is global. It ripples at great speed across languages, ideologies, frontiers and races.... The economics of this musical esperanto is staggering. Rock and pop breed concentric worlds of fashion, setting and life-style. Popular music has brought with it sociologies of private and public manner, of group solidarity. The politics of Eden come loud.”
—George Steiner (b. 1929)