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The Accumulation of Wealth and the Cyclical Generation of New Technologies: A Search Theoretic Approach

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Author Info
Bental, Benjamin
Peled, Dan

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Abstract

In this paper, sustained technological progress results from the feedback between technical change and the accumulation of wealth. The production technology is affected by a productivity factor which ensues from research and development. The research and development process is described as a sequential search problem in which optimal decisions depend on current levels of wealth and technology. The resulting growth path displays invention cycles. A discovery of a significant technological improvement at the end of a 'search' phase is followed by periods of growth without search. Eventually sufficient wealth is accumulated, research and development resumes, and a new cycle begins. Copyright 1996 by Economics Department of the University of Pennsylvania and the Osaka University Institute of Social and Economic Research Association.

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Article provided by Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association in its journal International Economic Review.

Volume (Year): 37 (1996)
Issue (Month): 3 (August)
Pages: 687-718
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Handle: RePEc:ier:iecrev:v:37:y:1996:i:3:p:687-718

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