On the Long-Run Evolution of Technological Knowledge
AbstractThis paper revisits the debate about the appropriate differential equation that governs the evolution of knowledge in models of endogenous growth. We argue that the assessment of the appropriateness of an equation of motion should not only be based on its implications for the future, but that it should also include its implications for the past. We maintain that the evolution of knowledge is plausible if it satisfies two asymptotic conditions: Looking forwards, infinite knowledge in finite time should be excluded, and looking backwards, knowledge should vanish towards the beginning of time (but not before). Our key results show that, generically, the behavior of the processes under scrutiny is either plausible in the future and implausible in the past or vice versa, or implausible at both ends of the time line.
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Bibliographic InfoPaper provided by CESifo Group Munich in its series CESifo Working Paper Series with number 1483.
Date of creation: 2005
Date of revision:
endogenous technological change; Malthus; long-run growth;
Other versions of this item:
- Hendrik Hakenes & Andreas Irmen, 2007. "On the long-run evolution of technological knowledge," Economic Theory, Springer, vol. 30(1), pages 171-180, January.
- NEP-ALL-2005-08-13 (All new papers)
- NEP-DEV-2005-08-13 (Development)
- NEP-INO-2005-08-13 (Innovation)
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