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Long-Run Growth and the Evolution of Technological Knowledge

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Author Info

  • Hendrik Hakenes

    ()
    (Max Planck Institute for Research on Collective Goods, Bonn)

  • Andreas Irmen

    ()
    (University of Heidelberg, Department of Economics)

Abstract

The long-run evolution of per-capita income exhibits a structural break often associated with the Industrial Revolution. We follow Mokyr (2002) and embed the idea that this structural break reflects a regime switch in the evolution of technological knowledge into a dynamic framework, using Airy differential equations to describe this evolution. We show that under a non-monotonous income-population equation, the economy evolves from a Malthusian to a Post-Malthusian Regime, with rising per-capita income and a growing population. The switch is brought about by an acceleration in the growth of technological knowledge. The demographic transition marks the switch into the Modern Growth Regime, with higher levels of per-capita income and declining population growth.

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File URL: http://www.uni-heidelberg.de/md/awi/forschung/dp438.pdf
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Bibliographic Info

Paper provided by University of Heidelberg, Department of Economics in its series Working Papers with number 0438.

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Length: 20 pages
Date of creation: Mar 2007
Date of revision: Mar 2007
Handle: RePEc:awi:wpaper:0438

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Related research

Keywords: crisis Industrial Revolution; Technological Change; Malthus; Demographic Transition;

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  1. David N. Weil & Oded Galor, 1999. "From Malthusian Stagnation to Modern Growth," American Economic Review, American Economic Association, American Economic Association, vol. 89(2), pages 150-154, May.
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Cited by:
  1. Jakub Growiec, 2009. "Knife-Edge Conditions in the Modeling of Long-Run Growth Regularities," National Bank of Poland Working Papers, National Bank of Poland, Economic Institute 68, National Bank of Poland, Economic Institute.

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