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Gpt-Driven, Endogenous Growth

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  • Kenneth I. Carlaw
  • Richard G. Lipsey

Abstract

Seven years after Helpman's (1998) book on general purpose technologies (GPTs), there is a dearth of subsequent models. Early models employed technically complex dynamic optimising techniques which limited further development. We present a model in which sustained growth is driven by a succession of GPTs that is technically simpler than the early models yet captures stylised facts that were omitted from them. Ours has diminishing returns to inputs, and endogenous, incremental technological changes from R&D, interrupted by the occasional introduction of new GPTs. GPTs are themselves developed endogenously with payoffs that are subject to uncertainty in magnitude and timing. Copyright 2006 Royal Economic Society.

Suggested Citation

  • Kenneth I. Carlaw & Richard G. Lipsey, 2006. "Gpt-Driven, Endogenous Growth," Economic Journal, Royal Economic Society, vol. 116(508), pages 155-174, January.
    • Handle: RePEc:ecj:econjl:v:116:y:2006:i:508:p:155-174
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    Citations

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    Cited by:

    1. Marianna Epicoco & Magali Jaoul-Grammare & Anne Plunket, 2022. "Radical technologies, recombinant novelty and productivity growth: a cliometric approach," Journal of Evolutionary Economics, Springer, vol. 32(2), pages 673-711, April.
    2. Chung, Jaiho & Hwang, Joon Ho, 2009. "Dynamics of General Purpose Technologies in an Open Economy," Hitotsubashi Journal of Economics, Hitotsubashi University, vol. 50(2), pages 87-98, December.
    3. Daniel Schiess & Roger Wehrli, 2011. "Long-Term Growth Driven by a Sequence of General Purpose Technologies," CER-ETH Economics working paper series 11/148, CER-ETH - Center of Economic Research (CER-ETH) at ETH Zurich.
    4. Kenneth I. Carlaw & Richard G. Lipsey, 2013. "Does History Matter? Empirical Analysis of Evolutionary Versus Stationary Equilibrium Views of the Economy," Economic Complexity and Evolution, in: Andreas Pyka & Esben Sloth Andersen (ed.), Long Term Economic Development, edition 127, pages 137-174, Springer.
    5. A. Rainer & R. Strohmaier, 2014. "Modeling the diffusion of general purpose technologies in an evolutionary multi-sector framework," Empirica, Springer;Austrian Institute for Economic Research;Austrian Economic Association, vol. 41(3), pages 425-444, August.
    6. Korzinov, Vladimir & Savin, Ivan, 2018. "General Purpose Technologies as an emergent property," Technological Forecasting and Social Change, Elsevier, vol. 129(C), pages 88-104.
    7. Marianna Epicoco & Magali Jaoul-Grammare & Anne Plunket, 2020. "Technological novelty and productivity growth: a cliometric approach," Working Papers 04-20, Association Française de Cliométrie (AFC).
    8. Liao, Hailin & Wang, Bin & Li, Baibing & Weyman-Jones, Tom, 2016. "ICT as a general-purpose technology: The productivity of ICT in the United States revisited," Information Economics and Policy, Elsevier, vol. 36(C), pages 10-25.
    9. Clifford Bekar & Kenneth Carlaw & Richard Lipsey, 2018. "General purpose technologies in theory, application and controversy: a review," Journal of Evolutionary Economics, Springer, vol. 28(5), pages 1005-1033, December.
    10. Venturini, Francesco, 2022. "Intelligent technologies and productivity spillovers: Evidence from the Fourth Industrial Revolution," Journal of Economic Behavior & Organization, Elsevier, vol. 194(C), pages 220-243.
    11. Daniel Schiess & Roger Wehrli, 2008. "The Calm Before the Storm? - Anticipating the Arrival of General Purpose Technologies," CER-ETH Economics working paper series 08/81, CER-ETH - Center of Economic Research (CER-ETH) at ETH Zurich.
    12. Stadler, Manfred, 2015. "Innovation, industrial dynamics and economic growth," University of Tübingen Working Papers in Business and Economics 84, University of Tuebingen, Faculty of Economics and Social Sciences, School of Business and Economics.
    13. Fulvio Castellacci, 2010. "Structural Change And The Growth Of Industrial Sectors: Empirical Test Of A Gpt Model," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 56(3), pages 449-482, September.
    14. Schaefer, Andreas & Schiess, Daniel & Wehrli, Roger, 2014. "Long-term growth driven by a sequence of general purpose technologies," Economic Modelling, Elsevier, vol. 37(C), pages 23-31.
    15. Ekaterina Ponomareva & Alexandra Bozhechkova & Alexandr Knobel, 2012. "Factors of Economic Growth," Published Papers 172, Gaidar Institute for Economic Policy, revised 2013.
    16. Castellacci, Fulvio, 2018. "Co-evolutionary growth: A system dynamics model," Economic Modelling, Elsevier, vol. 70(C), pages 272-287.
    17. Ruttan, Vernon W., 2008. "General Purpose Technology, Revolutionary Technology, and Technological Maturity," Staff Papers 6206, University of Minnesota, Department of Applied Economics.
    18. Carlaw, Kenneth I. & Oxley, Les, 2008. "Resolving the productivity paradox," Mathematics and Computers in Simulation (MATCOM), Elsevier, vol. 78(2), pages 313-318.
    19. Kenneth Carlaw & Richard Lipsey, 2011. "Sustained endogenous growth driven by structured and evolving general purpose technologies," Journal of Evolutionary Economics, Springer, vol. 21(4), pages 563-593, October.
    20. Stadler, Manfred, 2013. "Scientific breakthroughs, innovation clusters and stochastic growth cycles," University of Tübingen Working Papers in Business and Economics 60, University of Tuebingen, Faculty of Economics and Social Sciences, School of Business and Economics.

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