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Adaptive economic growth

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Author Info
J. Stan Metcalfe
John Foster
Ronnie Ramlogan

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Abstract

This paper develops an evolutionary theory of adaptive growth, understood as a product of structural change and economic self-transformation, based upon processes that are closely connected with but not reducible to the growth of knowledge. The dominant connecting theme is enterprise, the innovative variations it generates and the multiple connections between investment, innovation, demand and structural transformation in the market process. The paper explores the dependence of macroeconomic productivity growth on the diversity of technical progress functions and income elasticities of demand at the industry level, and the resolution of this diversity into patterns of economic change through market processes. It is shown how industry growth rates are constrained by higher-order processes of emergence that convert an ensemble of industry growth rates into an aggregate rate of growth. The growth of productivity, output and employment are determined mutually and endogenously, and their values depend on the variation in the primary causal influences in the system. Copyright 2006, Oxford University Press.

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File URL: http://hdl.handle.net/10.1093/cje/bei055
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Publisher Info
Article provided by Oxford University Press in its journal Cambridge Journal of Economics.

Volume (Year): 30 (2006)
Issue (Month): 1 (January)
Pages: 7-32
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Handle: RePEc:oup:cambje:v:30:y:2006:i:1:p:7-32

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  1. Werner Hölzl & Andreas Reinstaller, 2004. "The effect of technology and demand shocks on structural and industrial dynamics: Evidence from Austrian manufacturing," Working Papers geewp37, Vienna University of Economics and B.A. Research Group: Growth and Employment in Europe: Sustainability and Competitiveness. [Downloadable!]
  2. Hölzl,Werner & Reinstaller,Andreas, 2004. "The Impact of technology and demand shocks on structural dynamics: evidence from Austrian manufacturing," Research Memoranda 015, Maastricht : MERIT, Maastricht Economic Research Institute on Innovation and Technology. [Downloadable!]
  3. Braunerhjelm, Pontus, 2007. "Specialization of Regions and Universities - the new versus the old," Working Paper Series in Economics and Institutions of Innovation 101, Royal Institute of Technology, CESIS - Centre of Excellence for Science and Innovation Studies. [Downloadable!]
  4. U. Witt & T. Brenner, 2007. "Output Dynamics, Flow Equilibria and Structural Change – A Prolegomenon to Evolutionary Macroeconomics," Papers on Econonmics and Evolution 2007-12, Max Planck Institute of Economics, Evolutionary Economics Group.
    Other versions:
  5. Davide Consoli, 2005. "Cash and the Counter: Capabilities and Preferences in the Demand for Banking Technologies," Development and Comp Systems 0511010, EconWPA. [Downloadable!]
  6. U. Witt, 2006. "Evolutionary Economics," Papers on Econonmics and Evolution 2006-05, Max Planck Institute of Economics, Evolutionary Economics Group.
  7. Davide Consoli, 2003. "The evolution of retail banking services in United Kingdom: a retrospective analysis," Industrial Organization 0310002, EconWPA. [Downloadable!]
  8. Davide Consoli, 2005. "Cash and the Counter: Capabilities and Preferences in the Demand for Banking Technologies," Industrial Organization 0511001, EconWPA. [Downloadable!]
  9. Quatraro Francesco, 2006. "Knowledge-based economy, structural change and productivity: the italian evidence," Dipartimento di Economia "S. Cognetti de Martiis" LEI & BRICK - Laboratorio di economia dell'innovazione "Franco Momigliano", Bureau of Research in Innovation, Complexity and Knowledge, Collegio Carlo 200607, University of Turin. [Downloadable!]
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This page was last updated on 2008-7-22.


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