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A neo-Schumpeterian perspective on the analytical macroeconomic framework: The expanded reproduction system

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  • Jun, Bogang
  • Kim, Tai-Yoo

Abstract

This study aims to introduce a new analytical macroeconomic framework, the expanded reproduction system, that combines the accumulated wisdom of several contemporary economic models while also compensating for their shortcomings. This new framework may be used to study macroeconomic phenomena from both the supply and demand side over a number of different time intervals. Furthermore, as we account for both new product and productivity innovations, we are able to account for both qualitative and quantitative developments within the economy.

Suggested Citation

  • Jun, Bogang & Kim, Tai-Yoo, 2015. "A neo-Schumpeterian perspective on the analytical macroeconomic framework: The expanded reproduction system," Hohenheim Discussion Papers in Business, Economics and Social Sciences 11-2015, University of Hohenheim, Faculty of Business, Economics and Social Sciences.
    • Handle: RePEc:zbw:hohdps:112015
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    Keywords

    Schumpeterian Economics; New Classical Synthesis; Macroeconomics; Economic Policy;
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