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Evolutionary Growth Theory

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Author Info
J. Stan Metcalfe
John Foster (School of Economics, The University of Queensland)

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Abstract

We begin by outlining competing stylised facts about economic growth and then set out the relations between structural change and aggregate productivity growth contingent on the evolution of the pattern of demand. We then introduce the concept of an industry level technical progress function and show how rates of technical progress are mutually determined as a consequence of increasing returns and the changing distribution of demand. We next sketch a macroeconomic closure of the evolutionary process, expressed in terms of the mutual determination of rates of capital accumulation and rates of productivity growth. In the final section we elaborate upon the restless nature of innovation-based economic growth and the conditions under which Nicholas Kaldor’s stylised facts are compatible with the Clark-Kuznets stylised facts. We may summarise our perspective quite sharply. What distinguishes modern capitalism is not only its order imposing properties that lead to the self organisation of the economy, but also the self transforming properties that create wealth from knowledge and, in so doing, induce the further development of useful knowledge. The manner in which self-organisation and self-transformation interact in terms of adjustments to the composition of demand, as well as the structure of technology and production, is at the core of this essay

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Paper provided by School of Economics, University of Queensland, Australia in its series Discussion Papers Series with number 388.

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Date of creation: 2009
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Handle: RePEc:qld:uq2004:388

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  1. Nelson, Richard R & Winter, Sidney G, 1974. "Neoclassical vs. Evolutionary Theories of Economic Growth: Critique and Prospectus," Economic Journal, Royal Economic Society, vol. 84(336), pages 886-905, December. [Downloadable!] (restricted)
  2. Pier Saviotti & Andreas Pyka, 2004. "Economic development by the creation of new sectors," Journal of Evolutionary Economics, Springer, vol. 14(1), pages 1-35, January. [Downloadable!] (restricted)
  3. Laitner, John, 2000. "Structural Change and Economic Growth," Review of Economic Studies, Blackwell Publishing, vol. 67(3), pages 545-61, July.
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  5. Montobbio, Fabio, 2002. "An evolutionary model of industrial growth and structural change," Structural Change and Economic Dynamics, Elsevier, vol. 13(4), pages 387-414, December. [Downloadable!] (restricted)
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  6. John Foster, 2000. "Competitive selection, self-organisation and Joseph A. Schumpeter," Journal of Evolutionary Economics, Springer, vol. 10(3), pages 311-328. [Downloadable!] (restricted)
  7. Metcalfe, J S, 2001. "Institutions and Progress," Industrial and Corporate Change, Oxford University Press, vol. 10(3), pages 561-86, September.
  8. McCombie, J S L, 1986. "On Some Interpretations of the Relationship between Productivity and Output Growth," Applied Economics, Taylor and Francis Journals, vol. 18(11), pages 1215-25, November.
  9. Eric J. Bartelsman & Mark Doms, 2000. "Understanding Productivity: Lessons from Longitudinal Microdata," Journal of Economic Literature, American Economic Association, vol. 38(3), pages 569-594, September. [Downloadable!] (restricted)
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  10. Nelson, Richard R., 1989. "Industry growth accounts and production functions when techniques are idiosyncratic," Journal of Economic Behavior & Organization, Elsevier, vol. 11(3), pages 323-341, May. [Downloadable!] (restricted)
  11. Thorbjørn Knudsen, 2004. "General selection theory and economic evolution: The Price equation and the replicator/interactor distinction," Journal of Economic Methodology, Taylor and Francis Journals, vol. 11(2), pages 147-173, June. [Downloadable!] (restricted)
  12. Jan Fagerberg, 1999. "Vision and fact - A critical essay on the growth literature," Working Papers Archives 1999003, Centre for Technology, Innovation and Culture, University of Oslo. [Downloadable!]
  13. 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. [Downloadable!] (restricted)
  14. Kaldor, Nicholas, 1972. "The Irrelevance of Equilibrium Economics," Economic Journal, Royal Economic Society, vol. 82(328), pages 1237-55, December. [Downloadable!] (restricted)
  15. Echevarria, Cristina, 1997. "Changes in Sectoral Composition Associated with Economic Growth," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 38(2), pages 431-52, May.
  16. Cornwall, John & Cornwall, Wendy, 2002. "A demand and supply analysis of productivity growth," Structural Change and Economic Dynamics, Elsevier, vol. 13(2), pages 203-229, June. [Downloadable!] (restricted)
  17. Bairam, Erkin I, 1987. "The Verdoorn Law, Returns to Scale and Industrial Growth: A Review of the Literature," Australian Economic Papers, Blackwell Publishing, vol. 26(48), pages 20-42, June.
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