Adaptive economic growth
This paper develops an evolutionary theory of adaptive growth, understood as a product of structural change and economic self-transformation, based upon processes that are closely connected with but not reducible to the growth of knowledge. The dominant connecting theme is enterprise, the innovative variations it generates and the multiple connections between investment, innovation, demand and structural transformation in the market process. The paper explores the dependence of macroeconomic productivity growth on the diversity of technical progress functions and income elasticities of demand at the industry level, and the resolution of this diversity into patterns of economic change through market processes. It is shown how industry growth rates are constrained by higher-order processes of emergence that convert an ensemble of industry growth rates into an aggregate rate of growth. The growth of productivity, output and employment are determined mutually and endogenously, and their values depend on the variation in the primary causal influences in the system. Copyright 2006, Oxford University Press.
Volume (Year): 30 (2006)
Issue (Month): 1 (January)
|Contact details of provider:|| Postal: Oxford University Press, Great Clarendon Street, Oxford OX2 6DP, UK|
Fax: 01865 267 985
Web page: http://www.cje.oupjournals.org/
|Order Information:||Web: http://www.oup.co.uk/journals|
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.:
- Cornwall, John & Cornwall, Wendy, 2002. "A demand and supply analysis of productivity growth," Structural Change and Economic Dynamics, Elsevier, vol. 13(2), pages 203-229, June.
- Charles I. Jones, 1995. "Time Series Tests of Endogenous Growth Models," The Quarterly Journal of Economics, Oxford University Press, vol. 110(2), pages 495-525.
- Kurz,Heinz D. & Salvadori,Neri, 1997.
"Theory of Production,"
Cambridge University Press, number 9780521588676, Junio.
- Antonelli, Cristiano, 2001. "The Microeconomics of Technological Systems," OUP Catalogue, Oxford University Press, number 9780199245536, December.
- Freeman, Chris & Louca, Francisco, 2001.
"As Time Goes By: From the Industrial Revolutions to the Information Revolution,"
Oxford University Press, number 9780199241071, December.
- Freeman, Chris & Louca, Francisco, 2002. "As Time Goes By: From the Industrial Revolutions to the Information Revolution," OUP Catalogue, Oxford University Press, number 9780199251056, December.
- Harcourt, G C, 1969.
"Some Cambridge Controversies in the Theory of Capital,"
Journal of Economic Literature,
American Economic Association, vol. 7(2), pages 369-405, June.
- Harcourt,G. C., 1972. "Some Cambridge Controversies in the Theory of Capital," Cambridge Books, Cambridge University Press, number 9780521096720, Junio.
- Bairam, Erkin I, 1987. "The Verdoorn Law, Returns to Scale and Industrial Growth: A Review of the Literature," Australian Economic Papers, Wiley Blackwell, vol. 26(48), pages 20-42, June.
- N. F. R. Crafts, 1983. "British Economic Growth, 1700-1831: A Review of the Evidence," Economic History Review, Economic History Society, vol. 36(2), pages 177-199, 05.
- Montobbio, Fabio, 2002.
"An evolutionary model of industrial growth and structural change,"
Structural Change and Economic Dynamics,
Elsevier, vol. 13(4), pages 387-414, December.
- Fabio Montobbio, 2000. "An Evolutionary Model of Industrial Growth and Structural Change," KITeS Working Papers 121, KITeS, Centre for Knowledge, Internationalization and Technology Studies, Universita' Bocconi, Milano, Italy, revised Nov 2000.
- Nelson, Richard R & Winter, Sidney G, 1974. "Neoclassical vs. Evolutionary Theories of Economic Growth: Critique and Prospectus," Economic Journal, Royal Economic Society, vol. 84(336), pages 886-905, December.
- Jan Fagerberg, 1999. "Vision and fact - A critical essay on the growth literature," Working Papers Archives 1999003, Centre for Technology, Innovation and Culture, University of Oslo.
- Atkinson, Anthony B & Stiglitz, Joseph E, 1969. "A New View of Technological Change," Economic Journal, Royal Economic Society, vol. 79(315), pages 573-78, September.
- Kuznets, Simon, 1977. "Two Centuries of Economic Growth: Reflections on U.S. Experience," American Economic Review, American Economic Association, vol. 67(1), pages 1-14, February.
- Harberger, Arnold C, 1998. "A Vision of the Growth Process," American Economic Review, American Economic Association, vol. 88(1), pages 1-32, March.
- Dan Usher, 1973. "The Measurement of Economic Growth," Working Papers 145, Queen's University, Department of Economics.
When requesting a correction, please mention this item's handle: RePEc:oup:cambje:v:30:y:2006:i:1:p:7-32. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Oxford University Press)or (Christopher F. Baum)
If references are entirely missing, you can add them using this form.