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Science, Diminishing Returns and Long Waves

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  • Chol-Won Li

Abstract

An endogenous growth model with long waves of growth, underlining the distinction between science and technology, is constructed. Scientific progress accelerates the rate of technological progress, but diminishing returns to technological research decelerates it. This process repeats itself with endogenous clustering of innovations. We show that higher trend (long-run) growth is associated with more frequent waves of economic activity. Moreover, we identify a trade-off between actual and trend growth rates when technological research activities are subsidized. Copyright 2001 by Blackwell Publishers Ltd and The Victoria University of Manchester

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Paper provided by Business School - Economics, University of Glasgow in its series Working Papers with number 9715.

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Handle: RePEc:gla:glaewp:9715

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Cited by:
  1. Patrick Francois & Huw Lloyd-Ellis, 2005. "I - Q Cycles," Working Papers 1040, Queen's University, Department of Economics.
  2. Kriedel, Norbert, 2006. "Long waves of economic development and the diffusion of general-purpose technologies: The case of railway networks," HWWI Research Papers 1-1, Hamburg Institute of International Economics (HWWI).
  3. Silverberg,Gerald, 2003. "Long Waves: Conceptual, Empirical and Modelling Issues," Research Memorandum 015, Maastricht University, Maastricht Economic Research Institute on Innovation and Technology (MERIT).
  4. Li, Chol-Won, 2000. "Growth and Output Fluctuations," Scottish Journal of Political Economy, Scottish Economic Society, vol. 47(2), pages 95-113, May.

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