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The Optimal Control of Technology Choices

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Author Info
Orlando Gomes (Escola Superior de Comunicação Social)

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Abstract

We may distinguish between two concepts of technology: a theoretical level of technology (that is, a technology possibilities frontier) and a level of technology in practice (that is, ready to use in production technology). Having these two concepts in mind, the paper develops an intertemporal optimization model in which we may control the theoretical knowledge frontier. If one wants to expand this frontier an obstacle arises: the resources devoted to create knowledge are diverted from the implementation of technology to productive uses. There is a trade-off between the two technology variables and we explore such a conflict under an optimal control framework. The paper also develops an application of this framework. An economic growth problem is built by putting together the previously presented setup and a capital accumulation constraint. The result is an endogenous growth model where long run growth depends on the technology choices made by a social planner.

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Paper provided by EconWPA in its series GE, Growth, Math methods with number 0409008.

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Length: 21 pages
Date of creation: 28 Sep 2004
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Handle: RePEc:wpa:wuwpge:0409008

Note: Type of Document - pdf; pages: 21
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Web page: http://129.3.20.41

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Related research
Keywords: Optimal Control; Technology; Economic Growth;

Other versions of this item:

Find related papers by JEL classification:
O33 - Economic Development, Technological Change, and Growth - - Technological Change - - - Technological Change: Choices and Consequences; Diffusion Processes
O41 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - One, Two, and Multisector Growth Models

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References listed on IDEAS
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    Other versions:
  4. Aghion, Philippe & Tirole, Jean, 1994. "The Management of Innovation," The Quarterly Journal of Economics, MIT Press, vol. 109(4), pages 1185-1209, November. [Downloadable!] (restricted)
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    Other versions:
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    • George Evans & Seppo Honkapohja & Paul Romer, 1996. "Growth Cycles," NBER Working Papers 5659, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  15. Stephen J. Turnovsky, 2000. "Methods of Macroeconomic Dynamics, 2nd Edition," MIT Press Books, The MIT Press, edition 2, volume 1, number 0262201232, December.
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    Other versions:
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Orlando Gomes, 2004. "A Second-Order Approximation to Technology Choices," GE, Growth, Math methods 0409007, EconWPA. [Downloadable!]
  2. Gomes, Orlando, 2006. "Space, growth and technology: an integrated dynamic approach," MPRA Paper 2846, University Library of Munich, Germany. [Downloadable!]
    Other versions:
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