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Swarming Mechanics

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  • Moshe Justman

Abstract

This paper sets out some microfoundations for Schumpeter' s theory of innovation-driven business cycles. A model is developed to represent these cycles, which incorporates two of the three main elements of Schumpeter's analysis: innovation and profit-seeking. The third element emphasized by Schumpeter, the role of credit, is taken as an exogenous factor.

Suggested Citation

  • Moshe Justman, 1996. "Swarming Mechanics," Economics of Innovation and New Technology, Taylor & Francis Journals, vol. 4(3), pages 235-244.
  • Handle: RePEc:taf:ecinnt:v:4:y:1996:i:3:p:235-244
    DOI: 10.1080/10438599600000011
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    Cited by:

    1. Xiangkang Yin & Ehud Zuscovitch, 1999. "Interaction of Drastic and Incremental Innovations: Economic Development Through Schumpeterian Waves," Working Papers 1999.02, School of Economics, La Trobe University.
    2. Justman, Moshe, 2004. "Transitional dynamics of output, wages and profits in innovation-led growth: a general equilibrium analysis," Structural Change and Economic Dynamics, Elsevier, vol. 15(2), pages 183-205, June.

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