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Science, Diminishing Returns and Long Waves

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  • Li, Chol-Won

Abstract

An endogenous growth model with long waves of growth, underlining the distinction between science and technology, is constructed. Scientific progress accelerates the rate of technological progress, but diminishing returns to technological research decelerates it. This process repeats itself with endogenous clustering of innovations. We show that higher trend (long-run) growth is associated with more frequent waves of economic activity. Moreover, we identify a trade-off between actual and trend growth rates when technological research activities are subsidized. Copyright 2001 by Blackwell Publishers Ltd and The Victoria University of Manchester

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Article provided by University of Manchester in its journal Manchester School.

Volume (Year): 69 (2001)
Issue (Month): 5 (Special Issue)
Pages: 553-73

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Handle: RePEc:bla:manchs:v:69:y:2001:i:5:p:553-73

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Cited by:
  1. Chol-Won Li, 1998. "Growth and Output Fluctuations," Working Papers, Business School - Economics, University of Glasgow 9810, Business School - Economics, University of Glasgow.
  2. Patrick Francois & Huw Lloyd-Ellis, 2005. "I - Q Cycles," Working Papers, Queen's University, Department of Economics 1040, Queen's University, Department of Economics.
  3. Kriedel, Norbert, 2006. "Long waves of economic development and the diffusion of general-purpose technologies: The case of railway networks," HWWI Research Papers 1-1, Hamburg Institute of International Economics (HWWI).
  4. Silverberg,Gerald, 2003. "Long Waves: Conceptual, Empirical and Modelling Issues," Research Memorandum, Maastricht University, Maastricht Economic Research Institute on Innovation and Technology (MERIT) 015, Maastricht University, Maastricht Economic Research Institute on Innovation and Technology (MERIT).
  5. Stadler, Manfred, 2013. "Scientific breakthroughs, innovation clusters and stochastic growth cycles," University of Tuebingen Working Papers in Economics and Finance 60, University of Tuebingen, Faculty of Economics and Social Sciences.

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