Schumpeter's Circular Flow, Learning by Doing and Cyclical Growth
AbstractA two-sector growth model with endogenous technical change is presented. Concerning technical change, we assume that it is reflected by increases in the stock of human capital which are acquired through learning by doing. As a result, it turns out that transitory or, using the Hopf bifurcation theorem, persistent oscillations of the economic variables may be the outcome. Thus, we are able to show that learning mechanisms alone may be sufficient to destroy the circular flow as described by Schumpeter.
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Bibliographic InfoArticle provided by Springer in its journal Journal of Evolutionary Economics.
Volume (Year): 4 (1994)
Issue (Month): 3 (September)
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Web page: http://link.springer.de/link/service/journals/00191/index.htm
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- Keiichi Morimoto & Takeo Hori & Noritaka Maebayashi & Koichi Futagami, 2013. "Fiscal Sustainability, Macroeconomic Stability, and Welfare under Fiscal Discipline in a Small Open Economy," Discussion Papers in Economics and Business 13-07, Osaka University, Graduate School of Economics and Osaka School of International Public Policy (OSIPP).
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