Cumulative Causation and Evolutionary Micro-Founded Technical Change : A Growth Model with Integrated Economies
AbstractWe 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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Bibliographic InfoPaper provided by Bureau d'Economie Théorique et Appliquée, UDS, Strasbourg in its series Working Papers of BETA with number 2004-08.
Date of creation: 2004
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Other versions of this item:
- Patrick Llerena & Andre' Lorentz, 2003. "Cumulative Causation and Evolutionary Micro-Founded Technical Change: A Growth Model with Integrated Economies," LEM Papers Series 2003/05, Laboratory of Economics and Management (LEM), Sant'Anna School of Advanced Studies, Pisa, Italy.
- NEP-ALL-2005-06-05 (All new papers)
- NEP-DEV-2005-06-05 (Development)
- NEP-HPE-2005-06-05 (History & Philosophy of Economics)
- NEP-PKE-2005-06-05 (Post Keynesian Economics)
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