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Technical change in a combined Classical - Evolutionary multi-sector economy: Causes, Effects and implications for economic and social policy

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  • Rainer, A.
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    Abstract

    The causes and effects of technical change are investigated in a multi-sector economy. The underlying modelling framework is a hybrid of Classical economic thinking as introduced by Ricardo (1821) and formalised by Sraffa(1960), and of Evolutionary economics following Schumpeter (1934)and Nelson & Winter (1982). The special case of one sector is elaborated at length, leading to several implications concerning economic and legal policy in the presence of ongoing technical change. This includes technological unemployment and technologically induced wage inequalities which are either temporary or persistent, and also the problem of effective demand in a dynamic economic environment is discussed. Within the model business cycles as a consequence of innovative general purpose technologies with subsequent technical progress can be illustrated.

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    File URL: http://mpra.ub.uni-muenchen.de/43298/
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    Bibliographic Info

    Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 43298.

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    Date of creation: 2012
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    Handle: RePEc:pra:mprapa:43298

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    Keywords: evolutionary economics; replicator dynamics; technical change;

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    1. Mathias Dewatripont & Patrick Bolton, 2005. "Contract theory," ULB Institutional Repository 2013/9543, ULB -- Universite Libre de Bruxelles.
    2. Kurz, Heinz D., 2008. "Innovations and profits: Schumpeter and the classical heritage," Journal of Economic Behavior & Organization, Elsevier, vol. 67(1), pages 263-278, July.
    3. Jorgen W. Weibull, 1997. "Evolutionary Game Theory," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262731215, December.
    4. Kurz,Heinz D. & Salvadori,Neri, 1997. "Theory of Production," Cambridge Books, Cambridge University Press, number 9780521588676, October.
    5. Jeff Grogger & Eric Eide, 1995. "Changes in College Skills and the Rise in the College Wage Premium," Journal of Human Resources, University of Wisconsin Press, vol. 30(2), pages 280-310.
    6. Scharfstein, David. & Stein, Jeremy C., 1988. "Herd behavior and investment," Working papers WP 2062-88., Massachusetts Institute of Technology (MIT), Sloan School of Management.
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