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On the Macroeconomic Effects of Major Technological Change

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  • Philippe Aghion
  • Peter Howitt

Abstract

This paper analyses how a General Purpose Technology (GPT) diffuses throughout the various sectors of an economy. The model outlined in this paper can account for a number of empirical observations: in particular, the existence of delays followed by acceleration phases in the experimentation and implementation of a new GPT, and the occurrence of productivity slow-downs and wage inequality increases during the acceleration phase of the logistic diffusion curve.
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Suggested Citation

  • Philippe Aghion & Peter Howitt, 1999. "On the Macroeconomic Effects of Major Technological Change," Nordic Journal of Political Economy, Nordic Journal of Political Economy, vol. 25, pages 15-32.
  • Handle: RePEc:noj:journl:v:25:y:1999:p:15-32
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    References listed on IDEAS

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    1. Aghion, Philippe & Howitt, Peter, 1992. "A Model of Growth through Creative Destruction," Econometrica, Econometric Society, pages 323-351.
    2. Greenwood, Jeremy & Yorukoglu, Mehmet, 1997. "1974," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 46(1), pages 49-95, June.
      • Greenwood, J. & Yorukoglu, M., 1996. "1974," RCER Working Papers 429, University of Rochester - Center for Economic Research (RCER).
    3. Helpman, Elhanan & Trajtenberg, Manuel, 1994. "A Time to Sow and a Time to Reap: Growth Based on General Purpose Technologies," CEPR Discussion Papers 1080, C.E.P.R. Discussion Papers.
    4. Andrew Atkeson & Patrick J. Kehoe, 1993. "Industry evolution and transition: the role of information capital," Staff Report 162, Federal Reserve Bank of Minneapolis.
    5. David, Paul A, 1990. "The Dynamo and the Computer: An Historical Perspective on the Modern Productivity Paradox," American Economic Review, American Economic Association, vol. 80(2), pages 355-361, May.
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    Cited by:

    1. Hyungsun Chloe Cho & Miguel D. Ramirez, 2016. "Foreign Direct Investment and Income Inequality in Southeast Asia: a Panel Unit Root and Panel Cointegration Analysis, 1990–2013," Atlantic Economic Journal, Springer;International Atlantic Economic Society, pages 411-424.
    2. Vladimir D. Matveenk, 2011. "Interests of Social Groups, Direction of Technical Progress, and Barriers to Development: How Sustainable is the World Economic Growth?," DEGIT Conference Papers c016_047, DEGIT, Dynamics, Economic Growth, and International Trade.
    3. Juergen Antony, 2007. "New Combinations and Growth," Discussion Paper Series 290, Universitaet Augsburg, Institute for Economics.
    4. López-Pueyo, Carmen & Barcenilla-Visús, Sara & Sanaú, Jaime, 2008. "International R&D spillovers and manufacturing productivity: A panel data analysis," Structural Change and Economic Dynamics, Elsevier, vol. 19(2), pages 152-172, June.
    5. Zhi Li & Xiaopeng Yin,, 2004. "Endogenous Business Cycles with Consumption Externalities," Econometric Society 2004 North American Summer Meetings 402, Econometric Society.
    6. Helpman, Elhanan & Rangel, Antonio, 1999. "Adjusting to a New Technology: Experience and Training," Journal of Economic Growth, Springer, vol. 4(4), pages 359-383, December.
    7. Peter Howitt, 2002. "The Research Agenda: Schumpeterian Growth Theory," EconomicDynamics Newsletter, Review of Economic Dynamics, vol. 3(2), April.
    8. Kim, Se-Um, 2008. "The Technological Origins of the High School Movement," MPRA Paper 12087, University Library of Munich, Germany.
    9. Carlaw, Kenneth I. & Oxley, Les, 2008. "Resolving the productivity paradox," Mathematics and Computers in Simulation (MATCOM), Elsevier, vol. 78(2), pages 313-318.
    10. Peter Howitt, 2004. "Endogenous Growth, Productivity and Economic Policy: A Progress Report," International Productivity Monitor, Centre for the Study of Living Standards, vol. 8, pages 3-15, Spring.

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