Growing through cycles
An endogenous growth model is developed, where the balanced growth path is unstable and the economy achieves sustainable growth through cycles, perpetually moving back and forth between two phases. One phase is characterized by higher investment, no innovation, and a competitive market structure, as in the neoclassical model. The other phase is characterized by lower investment, high innovation, and a more monopolistic market structure, as in the neo-Schumpetarian model. Both investment and innovation are essential in sustaining growth indefinitely and yet only one of them appears to play a dominant role in each phase.
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|Date of creation:||1996|
|Date of revision:|
|Publication status:||Published in Econometrica, vol. 67, March 1999, pp. 335-347|
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