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The Cyclical Advancement of Drastic Technologies

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  • I. Hakan Yetkiner
  • Albert de Vaal
  • Adriaan van Zon

Abstract

Drastic technological changes are cyclical because basic R&D is carried on only at times when entrepreneurial profits for incremental technologies of the prevailing technological paradigm fall close to zero. The model is essentially an endogenous technological change framework. Varieties, input to the final good production, are composite goods. Each composite good is produced by a set of intermediaries, outgrowths of basic R&D and applied R&D. The basic intermediate, product of basic R&D, is modeled as in Romer (1990). Complementary intermediates, the outgrowths of applied R&D, do show the property of falling profits. The falling character of profits implies that basic R&D becomes more yielding than applied R&D at certain points in time. Research people switch back and forth between the applied and basic research sectors, creating (endogenous) cycles in the advancement of drastic technologies and economic activity.

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File URL: http://www.fnu.zmaw.de/fileadmin/fnu-files/publication/working-papers/GPT.pdf
File Function: First version, 2003
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Bibliographic Info

Paper provided by Research unit Sustainability and Global Change, Hamburg University in its series Working Papers with number FNU-21.

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Length: 32 pages
Date of creation: Apr 2003
Date of revision: Apr 2003
Handle: RePEc:sgc:wpaper:21

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Keywords: GPT; growth cycles; basic R&D; applied R&D; economic growth;

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References

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