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Growth Cycles with Technology Shifts and Externalities

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  • Erikson, C.
  • Lindh, T.

Abstract

This paper investigates a model with tachnological cycles induced by shifts in technologies. The key feature is that technological development occurs partly by discrete replacement of obsolete technologies, partly by continuous innovation of components for a pervasive general purpose technology. The technological system isexplicitly modeled as a complex interrelation between distinct constituents. By allowing for positive technological externalities, closed from analytical solutions for different phases can be obtained, the timing of technology shifts endogenized and a simple characterization of stationary cycles is achieved. This contributes to realism and analytical tractability. The model is capable of reproducing features of e. g. the shift to computer technology.

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Bibliographic Info

Paper provided by Uppsala - Working Paper Series in its series Papers with number 1997-15.

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Length: 29 pages
Date of creation: 1997
Date of revision:
Handle: RePEc:fth:uppaal:1997-15

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Postal: UPPSALA UNIVERSITY, DEPARTMENT OF ECONOMICS, S-751 20 UPPSALA SWEDEN.
Phone: + 46 18 471 25 00
Fax: + 46 18 471 14 78
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Web page: http://www.nek.uu.se/
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Related research

Keywords: ECONOMIC GROWTH ; BUSINESS CYCLES ; TECHNOLOGY;

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References

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  1. Aghion, P. & Howitt, P., 1989. "A Model Of Growth Through Creative Destruction," Working papers 527, Massachusetts Institute of Technology (MIT), Department of Economics.
  2. Shleifer, Andrei, 1986. "Implementation Cycles," Scholarly Articles 3451303, Harvard University Department of Economics.
  3. Elhanan Helpman & Antonio Rangel, 1998. "Adjusting to a New Technology: Experience and Training," NBER Working Papers 6551, National Bureau of Economic Research, Inc.
  4. Nahuis, R., 1998. "The Dynamics of a General Purpose Technology in a Research and Assimilation Model," Discussion Paper 1998-119, Tilburg University, Center for Economic Research.
  5. Susanto Basu & John Fernald & Miles Kimball, 2004. "Are Technology Improvements Contractionary?," NBER Working Papers 10592, National Bureau of Economic Research, Inc.
  6. Judd, Kenneth L, 1985. "On the Performance of Patents," Econometrica, Econometric Society, vol. 53(3), pages 567-85, May.
  7. Jones, Charles I, 1995. "Time Series Tests of Endogenous Growth Models," The Quarterly Journal of Economics, MIT Press, vol. 110(2), pages 495-525, May.
  8. Alwyn Young, 1998. "Growth without Scale Effects," Journal of Political Economy, University of Chicago Press, vol. 106(1), pages 41-63, February.
  9. Dixit, Avinash & Mirrlees, James A & Stern, Nicholas, 1975. "Optimum Saving with Economies of Scale," Review of Economic Studies, Wiley Blackwell, vol. 42(3), pages 303-25, July.
  10. Segerstrom, Paul S, 1998. "Endogenous Growth without Scale Effects," American Economic Review, American Economic Association, vol. 88(5), pages 1290-1310, December.
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Citations

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Cited by:
  1. Tsutomu Harada, 2010. "The division of labor in innovation between general purpose technology and special purpose technology," Journal of Evolutionary Economics, Springer, vol. 20(5), pages 741-764, October.
  2. Schaefer, Andreas & Schiess, Daniel & Wehrli, Roger, 2014. "Long-term growth driven by a sequence of general purpose technologies," Economic Modelling, Elsevier, vol. 37(C), pages 23-31.
  3. Daniel Schiess & Roger Wehrli, 2011. "Long-Term Growth Driven by a Sequence of General Purpose Technologies," CER-ETH Economics working paper series 11/148, CER-ETH - Center of Economic Research (CER-ETH) at ETH Zurich.
  4. Daniel Schiess & Roger Wehrli, 2008. "The Calm Before the Storm? - Anticipating the Arrival of General Purpose Technologies," CER-ETH Economics working paper series 08/81, CER-ETH - Center of Economic Research (CER-ETH) at ETH Zurich.
  5. Nahuis, R., 1998. "The Dynamics of a General Purpose Technology in a Research and Assimilation Model," Discussion Paper 1998-119, Tilburg University, Center for Economic Research.

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