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Modeling economic growth fuelled by science and technology

Author

Listed:
  • Américo Tristão Bernardes

    (UFOP)

  • Ricardo Machado Ruiz

    (Cedeplar-UFMG)

  • Leonardo Costa Ribeiro

    (UFMG)

  • Eduardo da Motta e Albuquerque

    (Cedeplar-UFMG)

Abstract

This paper suggests a simulation model to investigate how science and technology fuel economic growth. This model is built upon a synthesis of technological capabilities represented by national innovation systems. This paper gathers data of papers and patents for 183 countries between 1999 and 2003, GDP and population for 2003. These data show a strong correlation between science, technology and income. Three simulation exercises are performed. Feeding our algorithm with data for population, patents and scientific papers, we obtain the world income distribution (R=0.99). These results support our conjecture on the role of science and technology as a source of the wealth of nations.

Suggested Citation

  • Américo Tristão Bernardes & Ricardo Machado Ruiz & Leonardo Costa Ribeiro & Eduardo da Motta e Albuquerque, 2006. "Modeling economic growth fuelled by science and technology," Textos para Discussão Cedeplar-UFMG td294, Cedeplar, Universidade Federal de Minas Gerais.
  • Handle: RePEc:cdp:texdis:td294
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    File URL: http://www.cedeplar.ufmg.br/pesquisas/td/TD%20294.pdf
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    References listed on IDEAS

    as
    1. Richard Nelson, 2008. "Economic Development from the Perspective of Evolutionary Economic Theory," Oxford Development Studies, Taylor & Francis Journals, vol. 36(1), pages 9-21.
    2. Giovanni Dosi & Christopher Freeman & Richard Nelson & Gerarld Silverberg & Luc Soete (ed.), 1988. "Technical Change and Economic Theory," LEM Book Series, Laboratory of Economics and Management (LEM), Sant'Anna School of Advanced Studies, Pisa, Italy, number dosietal-1988, August.
    3. Silverberg, Gerald & Verspagen, Bart, 2005. "A percolation model of innovation in complex technology spaces," Journal of Economic Dynamics and Control, Elsevier, vol. 29(1-2), pages 225-244, January.
    4. Winter, S. G. & Kaniovski, Y. M. & Dosi, G., 2000. "Modeling industrial dynamics with innovative entrants," Structural Change and Economic Dynamics, Elsevier, vol. 11(3), pages 255-293, September.
    5. Richard R. Nelson, 1995. "Recent Evolutionary Theorizing about Economic Change," Journal of Economic Literature, American Economic Association, vol. 33(1), pages 48-90, March.
    6. Chris Freeman & Luc Soete, 1997. "The Economics of Industrial Innovation, 3rd Edition," MIT Press Books, The MIT Press, edition 3, volume 1, number 0262061953, January.
    7. Richard R. Nelson & Sidney G. Winter, 2002. "Evolutionary Theorizing in Economics," Journal of Economic Perspectives, American Economic Association, vol. 16(2), pages 23-46, Spring.
    8. Dosi, Giovanni, 1997. "Opportunities, Incentives and the Collective Patterns of Technological Change," Economic Journal, Royal Economic Society, vol. 107(444), pages 1530-1547, September.
    9. Silverberg, Gerald & Dosi, Giovanni & Orsenigo, Luigi, 1988. "Innovation, Diversity and Diffusion: A Self-organisation Model," Economic Journal, Royal Economic Society, vol. 98(393), pages 1032-1054, December.
    10. repec:wsi:ijmpcx:v:17:y:2006:i:02:n:s0129183106008819 is not listed on IDEAS
    11. Nelson, Richard R, 1998. "The Agenda for Growth Theory: A Different Point of View," Cambridge Journal of Economics, Oxford University Press, vol. 22(4), pages 497-520, July.
    12. Bernardes, Americo Tristao & Albuquerque, Eduardo da Motta e, 2003. "Cross-over, thresholds, and interactions between science and technology: lessons for less-developed countries," Research Policy, Elsevier, vol. 32(5), pages 865-885, May.
    13. Dosi, Giovanni, 1988. "Sources, Procedures, and Microeconomic Effects of Innovation," Journal of Economic Literature, American Economic Association, vol. 26(3), pages 1120-1171, September.
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    Cited by:

    1. Rašič Katja & Mulej Matjaž & Čančer Vesna, 2016. "The Influential Knowledge Factors of Companies’ Performance in Slovenia," Business Systems Research, De Gruyter Open, vol. 7(1), pages 46-58, March.

    More about this item

    Keywords

    simulation models; systems of innovation; economic growth;

    JEL classification:

    • O10 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - General

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