An Evolutionary Model of Long Term Cyclical Variations of Catching Up and Falling Behind
AbstractWe generalize a single-country model of endogenous growth to the case of a multi-country world economy in which technology transfer and behavioral imitation are the possible means of interaction between countries. The model is evolutionary in the sense that the economies are disaggregated by behaviourally heterogeneous firms, market selection occurs and the innovation process is uncertain and stochastic. We demonstrate that this structure leads to a complex process of convergence and divergence over time that can be characterized as 1/f noise. Spectral analysis of measures of convergence for six core OECD countries in the period 1870-1989 reveals a similar pattern in the empirical data.
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Bibliographic InfoArticle provided by Springer in its journal Journal of Evolutionary Economics.
Volume (Year): 5 (1995)
Issue (Month): 3 (September)
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Web page: http://link.springer.de/link/service/journals/00191/index.htm
Other versions of this item:
- Silverberg, Gerard & Verspagen, Bart, 1995. "An evolutionary model of long term cyclical variations of catching up and falling behind," Open Access publications from Maastricht University urn:nbn:nl:ui:27-21322, Maastricht University.
- Silverberg, Gerald & Verspagen, Bart, 1995. "An evolutionary model of long term cyclical variations of catching up and falling behind," Open Access publications from Maastricht University urn:nbn:nl:ui:27-18069, Maastricht University.
- O3 - Economic Development, Technological Change, and Growth - - Technological Change; Research and Development; Intellectual Property Rights
- O4 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity
- N1 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations
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