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Science, Diminishing Returns and Long Waves

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Author Info
Li, Chol-Won

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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:
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  1. Patrick Francois & Huw Lloyd-Ellis, 2005. "I - Q Cycles," Working Papers 1040, Queen's University, Department of Economics. [Downloadable!]
    Other versions:
  2. Chol-Won Li, 1998. "Growth and Output Fluctuations," Working Papers 9810, Department of Economics, University of Glasgow. [Downloadable!]
    Other versions:
  3. Silverberg,Gerald, 2003. "Long Waves: Conceptual, Empirical and Modelling Issues," Research Memoranda 015, Maastricht : MERIT, Maastricht Economic Research Institute on Innovation and Technology. [Downloadable!]
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This page was last updated on 2009-11-22.

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