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Cumulative Causation and Evolutionary Micro-Founded Technical Change : A Growth Model with Integrated Economies

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Patrick Llerena
André Lorentz

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Abstract

We propose to develop in this paper an alternative approach to the New Growth Theory to analyse growth rate divergence among integrated economies. The model presented here considers economic growth as a disequilibrium process. It introduces in a cumulative causation framework, micro-founded process of technical change taking into account elements rooted in evolutionary and Neo-Austrian literature. We then attempt to open the ‘Kaldor-Verdoorn law black-box’ using a micro-level modelling of industrial dynamics. We use this framework to study the nature and sources of growth rate divergence, focusing on the effect of some macro-economic parameters (income elasticities) and of some technological parameters (technological opportunities and absorptive capacities). If the results remain broadly in Kaldorian lines, this framework allows for more subtle considerations of growth rate divergence.

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Paper provided by Bureau d'Economie Théorique et Appliquée, ULP, Strasbourg in its series Working Papers of BETA with number 2004-08.

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Date of creation: 2004
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Handle: RePEc:ulp:sbbeta:2004-08

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  1. Llerena, Patrick & Oltra, Vanessa, 2002. "Diversity of innovative strategy as a source of technological performance," Structural Change and Economic Dynamics, Elsevier, vol. 13(2), pages 179-201, June. [Downloadable!] (restricted)
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  2. Dixon, R & Thirlwall, A P, 1975. "A Model of Regional Growth-Rate Differences on Kaldorian Lines," Oxford Economic Papers, Oxford University Press, vol. 27(2), pages 201-14, July. [Downloadable!] (restricted)
  3. Kaldor, Nicholas, 1972. "The Irrelevance of Equilibrium Economics," Economic Journal, Royal Economic Society, vol. 82(328), pages 1237-55, December. [Downloadable!] (restricted)
  4. Miguel A. León-Ledesma, 2000. "Cumulative Growth and the Catching-up Debate from a Dis-equilibrium Standpoint," Studies in Economics 0001, Department of Economics, University of Kent. [Downloadable!]
  5. G. Silverberg & B. Verspagen, 1995. "Evolutionary Theorizing on Economic Growth," Working Papers wp95078, International Institute for Applied Systems Analysis. [Downloadable!]
  6. Bart Verspagen, . "Evolutionary macroeconomics: A synthesis between neo-Schumpeterian and post-Keynesian lines of thought," The Electronic Journal of Evolutionary Modeling and Economic Dynamics, IFReDE - Université Montesquieu Bordeaux IV. [Downloadable!]
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  1. Fagiolo G. & Roventini A., 2004. "Animal Spirits, Lumpy Investment, and the Business Cycle," Computing in Economics and Finance 2004 109, Society for Computational Economics. [Downloadable!]
  2. Patrick Llerena & André Lorentz, 2003. "Alternative Theories on Economic Growth and the Co-evolution of Macro-Dynamics and Technological Change: A survey," LEM Papers Series 2003/27, Laboratory of Economics and Management (LEM), Sant'Anna School of Advanced Studies, Pisa, Italy. [Downloadable!]
  3. André Lorentz, 2004. "Sectoral Specialisation and Growth Rate Differences Among Integrated Economies," LEM Papers Series 2004/06, Laboratory of Economics and Management (LEM), Sant'Anna School of Advanced Studies, Pisa, Italy. [Downloadable!]
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