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A simple model of Schumpeterian growth with complex dynamics

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  • Deissenberg, Christophe
  • Nyssen, Jules

Abstract

In this paper, we develop a Schumpeterian discrete-time model of endogeneous growth with an explicit market for the resource used for innovation-creating investment, and study its global dynamics. We show, among others, that the level of investment may fluctuate chaotically for a compact range of model parameters, as a consequence of the explicit intermediation and market imperfections (temporary monopoly power following an innovation) underlying the growth process.
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  • Deissenberg, Christophe & Nyssen, Jules, 1998. "A simple model of Schumpeterian growth with complex dynamics," Journal of Economic Dynamics and Control, Elsevier, vol. 22(2), pages 247-266, February.
    • Handle: RePEc:eee:dyncon:v:22:y:1998:i:2:p:247-266
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    1. Romer, Paul M, 1986. "Increasing Returns and Long-run Growth," Journal of Political Economy, University of Chicago Press, vol. 94(5), pages 1002-1037, October.
    2. Aghion, Philippe & Howitt, Peter, 1992. "A Model of Growth through Creative Destruction," Econometrica, Econometric Society, vol. 60(2), pages 323-351, March.
    3. Deneckere, Raymond & Pelikan, Steve, 1986. "Competitive chaos," Journal of Economic Theory, Elsevier, vol. 40(1), pages 13-25, October.
    4. Nyssen, Jules, 1994. "Social efficiency of bubbles in the Grossman and Helpman endogenous growth model," Economics Letters, Elsevier, vol. 45(2), pages 197-202, June.
    5. Shleifer, Andrei, 1986. "Implementation Cycles," Journal of Political Economy, University of Chicago Press, vol. 94(6), pages 1163-1190, December.
    6. Boldrin, Michele & Montrucchio, Luigi, 1986. "On the indeterminacy of capital accumulation paths," Journal of Economic Theory, Elsevier, vol. 40(1), pages 26-39, October.
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    Cited by:

    1. Iwaisako, Tatsuro & Tanaka, Hitoshi, 2017. "Product cycles and growth cycles," Journal of International Economics, Elsevier, vol. 105(C), pages 22-40.
    2. Kunihiko Konishi, 2015. "Growth Cycles in a Two-country Model of Innovation," Discussion Papers in Economics and Business 15-07, Osaka University, Graduate School of Economics.
    3. Haruyama, Tetsugen, 2009. "R&D policy in a volatile economy," Journal of Economic Dynamics and Control, Elsevier, vol. 33(10), pages 1761-1778, October.
    4. Lambson, Val E. & Phillips, Kerk L., 2007. "Market structure and Schumpeterian growth," Journal of Economic Behavior & Organization, Elsevier, vol. 62(1), pages 47-62, January.
    5. Walde, Klaus, 2002. "The economic determinants of technology shocks in a real business cycle model," Journal of Economic Dynamics and Control, Elsevier, vol. 27(1), pages 1-28, November.

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    More about this item

    JEL classification:

    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
    • O41 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - One, Two, and Multisector Growth Models
    • C69 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Other

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