Growing through cycles
AbstractAn endogenous growth model is developed, where the balanced growth path is unstable and the economy achieves sustainable growth through cycles, perpetually moving back and forth between two phases. One phase is characterized by higher investment, no innovation, and a competitive market structure, as in the neoclassical model. The other phase is characterized by lower investment, high innovation, and a more monopolistic market structure, as in the neo-Schumpetarian model. Both investment and innovation are essential in sustaining growth indefinitely and yet only one of them appears to play a dominant role in each phase.
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Bibliographic InfoPaper provided by DELTA (Ecole normale supérieure) in its series DELTA Working Papers with number 96-18.
Date of creation: 1996
Date of revision:
Publication status: Published in Econometrica, vol. 67, March 1999, pp. 335-347
Other versions of this item:
- O31 - Economic Development, Technological Change, and Growth - - Technological Change; Research and Development; Intellectual Property Rights - - - Innovation and Invention: Processes and Incentives
- E22 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Capital; Investment; Capacity
- E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
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