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The dynamics of structural change under risk influence

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Author Info
Panayiotis Petrakis () (Associate Professor)
Stylianos Kotsios () (Assistant Professor)
Abstract

The paper is concerned with structural change in the growth process and the role of uncertainty. Uncertainty is conceived as the means of removing the obstacles of growth through the activation of knightian entrepreneurship. A dynamic stochastic model of continuous-time growth is proposed. The paper concludes that uncertainty affects economic growth and the rate of returns, and causes structural changes in portfolio shares of the two types of entrepreneurial events. Structural change depends mainly on intertemporal rate of substitution, productivity ratios, and finally intersectoral difference in return and risk.

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File URL: http://www.economicsbulletin.com/2005/volume15/EB-04O10005A.pdf
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Publisher Info
Article provided by Economics Bulletin in its journal Economics Bulletin.

Volume (Year): 15 (2005)
Issue (Month): 7 ()
Pages: 1-8
Download reference. The following formats are available: HTML, plain text, BibTeX, RIS (EndNote), ReDIF
Handle: RePEc:ebl:ecbull:v:15:y:2005:i:7:p:1-8

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Related research
Keywords: Entrepreneurship Growth Uncertainty

Find related papers by JEL classification:
O1 - Economic Development, Technological Change, and Growth - - Economic Development
O4 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity

References listed on IDEAS
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  1. Petrakis, P E, 1997. " Entrepreneurship and Growth: Creative and Equilibrating Events," Small Business Economics, Springer, vol. 9(5), pages 383-402, October. [Downloadable!] (restricted)
  2. Montobbio, Fabio, 2002. "An evolutionary model of industrial growth and structural change," Structural Change and Economic Dynamics, Elsevier, vol. 13(4), pages 387-414, December. [Downloadable!] (restricted)
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  3. Gong, Liutang & Zou, Heng-fu, 2002. "Direct preferences for wealth, the risk premium puzzle, growth, and policy effectiveness," Journal of Economic Dynamics and Control, Elsevier, vol. 26(2), pages 247-270, February. [Downloadable!] (restricted)
  4. Baumol, William J, 1972. "Macroeconomics of Unbalanced Growth: Reply," American Economic Review, American Economic Association, vol. 62(1), pages 150, March.
  5. Baumol, William J & Blackman, Sue Anne Batey & Wolff, Edward N, 1985. "Unbalanced Growth Revisited: Asymptotic Stagnancy and New Evidence," American Economic Review, American Economic Association, vol. 75(4), pages 806-17, September. [Downloadable!] (restricted)
    Other versions:
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