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Evolutionary Micro-founded Technical Change and The Kaldor-Verdoorn Law: Estimates from an Artificial World

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  • André Lorentz

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Abstract

This paper proposes to identify the micro-level sources for the dynamic increasing returns occurring at an aggregate level. The paper reverts to a micro model of technological change in-line with the evolutionary literature on industrial dynamics. The data generated through numerical simulations are used to identify the sources of increasing returns as measured by the Kaldor-Verdoorn Law. In this respect we also aim to provide some plausible micro-foundations to this Law. The paper shows that: (i) Dynamic increasing returns appear as an emergent property of the model; (ii) micro-characteristics of technical change, as the amplitude and the frequency of changes, as well as selection mechanisms significantly shape these increasing returns.

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Bibliographic Info

Paper provided by Max Planck Institute of Economics, Evolutionary Economics Group in its series Papers on Economics and Evolution with number 2009-01.

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Date of creation: Apr 2009
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Handle: RePEc:esi:evopap:2009-01

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Keywords: Dynamic increasing returns; Kaldor-Verdoorn Law; technical change; evolutionary modelling Length 31 pages;

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References

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  1. Patrick Llerena & André Lorentz, 2004. "Cumulative Causation and Evolutionary Micro-Founded Technical Change. On the Determinants of Growth rate Differences," Revue économique, Presses de Sciences-Po, vol. 55(6), pages 1191-1214.
  2. Amendola, Mario & Gaffard, Jean-Luc, 1998. "Out of Equilibrium," OUP Catalogue, Oxford University Press, number 9780198293804, September.
  3. Silverberg, Gerald & Verspagen, Bart, 1994. "Learning, innovation and economic growth: A long-run model of industrial dynamics," Open Access publications from Maastricht University urn:nbn:nl:ui:27-18133, Maastricht University.
  4. Mark Knell, 2004. "Structure Change and the Kaldor-Verdoorn law in the 1990s," Revue d'Économie Industrielle, Programme National Persée, vol. 105(1), pages 71-83.
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Cited by:
  1. Martinho, Vítor João Pereira Domingues, 2011. "The Keynesian theory and the manufactured industry in Portugal," MPRA Paper 33363, University Library of Munich, Germany.

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