The Gene of an Accelerating Industrial Society: Expansive Reproduction
AbstractThis study reviewed broad theories of economics and case studies to explain the phenomenon of accelerating economic growth in industrial society. Based on economic literature of economic growth theories, the causes of the acceleration of economic growth in industrial society are identified, and reference the genetic properties of economic growth represented as the virtuous cycle of expansive reproduction. Expansive reproduction is a unique growth structure of industrial society with an economy that expands through capital accumulation and technological innovation. The model suggested in this study is supported by major economic growth theories, such as Smith¡¯s theory of the division of labor, Marshall¡¯s theory of returns to scale, Chandler¡¯s theory of increasing returns, Myrdal¡¯s theory of cumulative causation, endogenous growth theory, and learning by doing, and also by empirical data, such as historical trends in per capita GDP and production efficiency. This study attempts to explain accurately economic growth in industrial society and forms a guide to the critical pathway leading to economic development, providing a theoretical background in determining industrial policies. This study also provides implications for advancing toward becoming a knowledge-based economy, an extension of postindustrial society.
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Bibliographic InfoPaper provided by Seoul National University; Technology Management, Economics, and Policy Program (TEMEP) in its series TEMEP Discussion Papers with number 201050.
Length: 47 pages
Date of creation: Jan 2010
Date of revision: Jan 2010
Expansive reproduction; accelerating industrial society; growth; accelerations; technical change; economic growth; exponential growth;
Find related papers by JEL classification:
- L16 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Industrial Organization and Macroeconomics; Macroeconomic Industrial Structure
- O11 - Economic Development, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development
- O47 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Measurement of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence
- O14 - Economic Development, Technological Change, and Growth - - Economic Development - - - Industrialization; Manufacturing and Service Industries; Choice of Technology
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