Sustained endogenous growth driven by structured and evolving general purpose technologies
We address two interrelated issues: structured technology and non-stationary equilibrium growth. We do this by modelling multiple, co-existing, non-identical general purpose technologies (GPTs). Three sectors producing pure and applied research and consumption goods, employ different, evolving, tech...
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| Veröffentlicht in: | Journal of evolutionary economics 2011-10, Vol.21 (4), p.563-593 |
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| container_title | Journal of evolutionary economics |
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| creator | Carlaw, Kenneth I. Lipsey, Richard G. |
| description | We address two interrelated issues: structured technology and non-stationary equilibrium growth. We do this by modelling multiple, co-existing, non-identical general purpose technologies (GPTs). Three sectors producing pure and applied research and consumption goods, employ different, evolving, technologies. Agents within each sector operate under conditions of Knightian uncertainty and path dependence, employing technologies that differ in specific parameter values. This behaviour produces a non-stationary (non-ergodic) growth process. Important characteristics of structured technology, previously only described historically, are successfully modelled, including co-existing GPTs some of which compete with each other while others complement each other in varying degrees. Because changes in technology are partial causes of, but not contemporaneous with, GDP changes, their separate evolutions can be studied. |
| doi_str_mv | 10.1007/s00191-010-0212-2 |
| format | Article |
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| source | Business Source Complete; SpringerLink Journals - AutoHoldings |
| subjects | Economic Growth Economic history Economic theory Economic Theory/Quantitative Economics/Mathematical Methods Economics Economics and Finance Electricity Endogenous growth Entrepreneurship Equilibrium Equilibrium models Factories GDP Gross Domestic Product Growth models Growth rates Institutional/Evolutionary Economics Microeconomics New technology Productivity R & D/Technology Policy R&D Regular Article Research & development Studies Technological change Technology |
| title | Sustained endogenous growth driven by structured and evolving general purpose technologies |
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