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An Aggregate Model of Technical Change

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  • Conlisk, John
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    Abstract

    A simple aggregate growth model is presented in which technology is described by a probability distribution from which new plants are drawn. Especially good draws are viewed as technological innovations that shift the mean of the following period's plant distribution function. The resulting technical change is endogenous, random, and cumulative. In contrast to conventional growth models, the model's growth path displays nonstationary drift rather than deterministic trend, and the long-run per capita growth rate has positive rather than zero sensitivity to the model's saving parameter. Copyright 1989, the President and Fellows of Harvard College and the Massachusetts Institute of Technology.

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    Bibliographic Info

    Article provided by MIT Press in its journal Quarterly Journal of Economics.

    Volume (Year): 104 (1989)
    Issue (Month): 4 (November)
    Pages: 787-821

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    Handle: RePEc:tpr:qjecon:v:104:y:1989:i:4:p:787-821

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    Web page: http://mitpress.mit.edu/journals/

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    Web: http://mitpress.mit.edu/journal-home.tcl?issn=00335533

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    Cited by:
    1. Jeroen C.J.M. van den Bergh, 2004. "Evolutionary Analysis of the Relationship between Economic Growth, Environmental Quality and Resource Scarcity," Tinbergen Institute Discussion Papers 04-048/3, Tinbergen Institute.
    2. Bacila Nicolae, 2012. "The Implications Of State Aid To R&D On Economic Development In The European Union," Annals of Faculty of Economics, University of Oradea, Faculty of Economics, vol. 1(1), pages 96-101, July.
    3. repec:dgr:uvatin:2004048 is not listed on IDEAS
    4. Theo Eicher, 2002. "Search in Research: An Evolutionary Approach to Technical Change and Growth," Computing in Economics and Finance 2002 197, Society for Computational Economics.
    5. Castellacci, Fulvio, 2006. "Evolutionary and new growth theories: are they converging?," MPRA Paper 27602, University Library of Munich, Germany.
    6. Jeroen Bergh, 2007. "Evolutionary thinking in environmental economics," Journal of Evolutionary Economics, Springer, vol. 17(5), pages 521-549, October.
    7. Vaitsos, Constantine V., 2003. "Growth Theories Revisited: Enduring Questions with Changing Answers," UNU-INTECH Discussion Paper Series 9, United Nations University - INTECH.
    8. Ricardo Lagos, 2006. "A model of TFP," Staff Report 345, Federal Reserve Bank of Minneapolis.
    9. repec:dgr:uvatin:2007018 is not listed on IDEAS
    10. Karolina SafarzyƄska & Jeroen Bergh, 2010. "Evolutionary models in economics: a survey of methods and building blocks," Journal of Evolutionary Economics, Springer, vol. 20(3), pages 329-373, June.
    11. Castellacci, Fulvio, 2011. "Theoretical models of heterogeneity, growth and competitiveness: insights from the mainstream and evolutionary economics paradigms," MPRA Paper 27525, University Library of Munich, Germany.
    12. G. Silverberg & B. Verspagen, 1995. "Evolutionary Theorizing on Economic Growth," Working Papers wp95078, International Institute for Applied Systems Analysis.

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