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The foundations of a slow growth economy: globalization and induced technological change towards a knowledge economy

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  • Antonelli Cristiano

    ()
    (University of Turin)

Abstract

The slow growth of advanced economies since the late 90s is interpreted as the transient and apparent consequence of the discontinuity engendered by the sequence of institutional, technological and structural changes towards a knowledge intensive economy. The origins of such discontinuity can be grasped with an interpretative frame based upon the grafting of the localized technological change approach on the Heckesher-Ohlin model of international trade. This approach enables to identify the gale of information and communication technologies as the result of the efforts to cope with the institutional changes and their effects in terms of a strong bias towards knowledge intensive activities and the decline role of capital in advanced economies. The identification of the bias in technological change provides the tools to understand the determinants of the rapid transformation of the economic and social structure of the advanced economies more and more centered on the intensive use of knowledge as a production factor. The bias accounts for the apparent and transient decline of the rates of growth of output and labor productivity. This interpretative framework enables to grasp the foundations of regime shift in the growth of advanced economies and helps to spell out the significant risks of the dangerous transition to a knowledge economy.

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Bibliographic Info

Paper provided by University of Turin in its series Department of Economics and Statistics Cognetti de Martiis LEI & BRICK - Laboratory of Economics of Innovation "Franco Momigliano", Bureau of Research in Innovation, Complexity and Knowledge, Collegio Carlo Alberto. WP series with number 201204.

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Length: 26 pages
Date of creation: Jan 2012
Date of revision:
Handle: RePEc:uto:labeco:201204

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  1. Antonelli Cristiano & Fassio Claudio, 2011. "Globalization and innovation in advanced economies," Department of Economics and Statistics Cognetti de Martiis LEI & BRICK - Laboratory of Economics of Innovation "Franco Momigliano", Bureau of Research in Innovation, Complexity and Knowledge, Collegio 201108, University of Turin.
  2. Elhanan Helpman, 2006. "Trade, FDI, and the Organization of Firms," NBER Working Papers 12091, National Bureau of Economic Research, Inc.
  3. Joseph Zeira, 1998. "Workers, Machines, And Economic Growth," The Quarterly Journal of Economics, MIT Press, vol. 113(4), pages 1091-1117, November.
  4. Schumpeter, Joseph A., 1947. "The Creative Response in Economic History," The Journal of Economic History, Cambridge University Press, vol. 7(02), pages 149-159, November.
  5. Acemoglu, Daron, 2002. "Directed Technical Change," Review of Economic Studies, Wiley Blackwell, vol. 69(4), pages 781-809, October.
  6. Daron Acemoglu & Fabrizio Zilibotti, 2001. "Productivity Differences," The Quarterly Journal of Economics, MIT Press, vol. 116(2), pages 563-606, May.
  7. Antonelli, Cristiano, 2003. "Localized Technological Change," Department of Economics and Statistics Cognetti de Martiis LEI & BRICK - Laboratory of Economics of Innovation "Franco Momigliano", Bureau of Research in Innovation, Complexity and Knowledge, Collegio 200305, University of Turin.
  8. Antonelli Cristiano & Colombelli Alessandra, 2011. "Globalization and Directed Technological Change at the Firm Level. The European Evidencegrowth," Department of Economics and Statistics Cognetti de Martiis LEI & BRICK - Laboratory of Economics of Innovation "Franco Momigliano", Bureau of Research in Innovation, Complexity and Knowledge, Collegio 201109, University of Turin.
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