The present paper deals with the diffusion of the General Purpose Technologies (GPT) over heterogeneous finanl-good sectors. We show that the gradual adoption of the GPT by each user sector generates a sequence of two-phased cycles, culminating in a "second wave" after all sectors adopt,they engage anew in R&D, briging about a spell of sustained growth
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Paper provided by Tel Aviv - the Sackler Institute of Economic Studies in its series Papers with number
24-96.
Length: 37 pages Date of creation: 1996 Date of revision: Handle: RePEc:fth:teavsa:24-96
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Find related papers by JEL classification: O10 - Economic Development, Technological Change, and Growth - - Economic Development - - - General O30 - Economic Development, Technological Change, and Growth - - Technological Change - - - General O41 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - One, Two, and Multisector Growth Models E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
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