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Schumpeter's Circular Flow, Learning by Doing and Cyclical Growth

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  • Greiner, Alfred
  • Hanusch, Horst

Abstract

A two-sector growth model with endogenous technical change is presented. Concerning technical change, we assume that it is reflected by increases in the stock of human capital which are acquired through learning by doing. As a result, it turns out that transitory or, using the Hopf bifurcation theorem, persistent oscillations of the economic variables may be the outcome. Thus, we are able to show that learning mechanisms alone may be sufficient to destroy the circular flow as described by Schumpeter.

Suggested Citation

  • Greiner, Alfred & Hanusch, Horst, 1994. "Schumpeter's Circular Flow, Learning by Doing and Cyclical Growth," Journal of Evolutionary Economics, Springer, vol. 4(3), pages 261-271, September.
  • Handle: RePEc:spr:joevec:v:4:y:1994:i:3:p:261-71
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    Cited by:

    1. Keiichi Morimoto & Takeo Hori & Noritaka Maebayashi & Koichi Futagami, 2013. "Fiscal Sustainability, Macroeconomic Stability, and Welfare under Fiscal Discipline in a Small Open Economy," Discussion Papers in Economics and Business 13-07, Osaka University, Graduate School of Economics and Osaka School of International Public Policy (OSIPP).
    2. Wirl, Franz, 2002. "Stability and limit cycles in competitive equilibria subject to adjustment costs and dynamic spillovers," Journal of Economic Dynamics and Control, Elsevier, vol. 26(3), pages 375-398, March.
    3. Alfred Greiner & Willi Semmler, 1996. "Multiple steady states, indeterminacy, and cycles in a basic model of endogenous growth," Journal of Economics, Springer, vol. 63(1), pages 79-99, February.
    4. S.Y. Wu, 1996. "A Disclosure on A Model of the Entrepreneur-Centered Economy," Microeconomics 9608002, EconWPA, revised 08 Jul 1997.

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