Cumulative Causation and Evolutionary Micro-Founded Technical Change. On the Determinants of Growth rate Differences
We develop in this paper an alternative approach to the New Growth Theory to analyse growth rate differences 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 microlevel modelling of industrial dynamics. We use this framework to study the nature and sources of growth rate differences among economies, focusing on the effect of some macroeconomic parameters and of some technological parameters. If the results remain broadly in Kaldorian lines, this framework allows for more subtle patterns of growth rate difference.
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