Economic growth, business cycles and products variety: exploring the role of demand satiety
The paper presents a model of economic growth based on a population of heterogeneous and interacting agents. This model succeeds to generate - in a single framework - GDP growth and cycles as well as product life cycles. Contrary to the existing literature, we find that an increasing variety of cons...
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| Veröffentlicht in: | Journal of evolutionary economics 2017-07, Vol.27 (3), p.503-529 |
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| container_end_page | 529 |
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| container_title | Journal of evolutionary economics |
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| creator | Desmarchelier, Benoît Djellal, Faridah Gallouj, Faïz |
| description | The paper presents a model of economic growth based on a population of heterogeneous and interacting agents. This model succeeds to generate - in a single framework - GDP growth and cycles as well as product life cycles. Contrary to the existing literature, we find that an increasing variety of consumer goods is not a necessary condition for sustaining the economic growth when consumers are subject to satiation. Indeed, intensive creative-destruction - that is an intensive process of sectors births and deaths - appears to be a more powerful growth engine. We also find that changing consumers’ satiety thresholds is likely to affect the nature of the correlation between the cyclical components of macroeconomic time series. |
| doi_str_mv | 10.1007/s00191-017-0498-4 |
| format | Article |
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| ispartof | Journal of evolutionary economics, 2017-07, Vol.27 (3), p.503-529 |
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| source | EBSCOhost Business Source Complete; SpringerLink Journals - AutoHoldings |
| subjects | Births Business cycles Consumer goods Consumers Demand Economic Growth Economic Theory/Quantitative Economics/Mathematical Methods Economics Economics and Finance Entrepreneurship GDP Gross Domestic Product Institutional/Evolutionary Economics Life cycles Microeconomics Product life cycle R & D/Technology Policy Regular Article Thresholds Time series |
| title | Economic growth, business cycles and products variety: exploring the role of demand satiety |
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