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Metabolic growth theory: market-share competition, learning uncertainty, and technology wavelets

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  • Ping Chen

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    Abstract

    Both exogenous and endogenous growth theories in neoclassical economics ignore the resource constraints and wavelike patterns in technology development. The logistic growth and species competition model in population dynamics provides an evolutionary framework of economic growth driven by technology wavelets in market-share competition. Learning by doing and knowledge accumulation ignores the interruptive nature of technology advancement. Creative destruction can be understood by using knowledge metabolism. Policies and institutions co-evolve during different stages of technology cycles. Division of labor is limited by the market extent, numbers of resources, and environment fluctuations. There is a trade-off between the stability and complexity of an ecological-industrial system. Diversified patterns in development strategy are shaped by culture and environment when facing learning uncertainty. The Western mode of division of labor is characterized by labor-saving and resource-intensive technology, while the Asian and Chinese modes feature resource-saving and labor-intensive technology. Nonlinear population dynamics provides a unified evolutionary theory from Smith, Malthus, to Schumpeter in economic growth and technology development. Copyright Springer-Verlag Berlin Heidelberg 2014

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    Article provided by Springer in its journal Journal of Evolutionary Economics.

    Volume (Year): 24 (2014)
    Issue (Month): 2 (April)
    Pages: 239-262

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    Handle: RePEc:spr:joevec:v:24:y:2014:i:2:p:239-262

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    Related research

    Keywords: Growth theory; Market-share competition; Technology wavelet; Learning uncertainty; Knowledge metabolism; C30; E37; D83; L50; O00;

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    10. Chen Ping, 1996. "A Random Walk or Color Chaos on the Stock Market? Time-Frequency Analysis of S&P Indexes," Studies in Nonlinear Dynamics & Econometrics, De Gruyter, vol. 1(2), pages 1-19, July.
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