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Long-Term Growth Driven by a Sequence of General Purpose Technologies

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    We present a Schumpterian model of endogenous growth with General Purpose Technologies (GPTs) that captures two important historical stylized facts: First, from the beginning of mankind until today GPTs are arriving at an increasing frequency and, second, all GPTs heavily depended on previous technologies. In our model, the arrival of GPTs is endogenous and arises stochastically depending on the currently available applied knowledge stock. This way of endogenizing the arrival of new GPTs allows for a model which is more in tune with the historical reality than the existing GPT models.

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    File URL: http://www.cer.ethz.ch/research/WP-11-148.pdf
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    Paper provided by CER-ETH - Center of Economic Research (CER-ETH) at ETH Zurich in its series CER-ETH Economics working paper series with number 11/148.

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    Length: 25 pages
    Date of creation: Jul 2011
    Date of revision:
    Handle: RePEc:eth:wpswif:11-148
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    1. Susanto Basu & John Fernald & Miles Kimball, 1998. "Are technology improvements contractionary?," International Finance Discussion Papers 625, Board of Governors of the Federal Reserve System (U.S.).
    2. Paul M Romer, 1999. "Endogenous Technological Change," Levine's Working Paper Archive 2135, David K. Levine.
    3. Jacobs, Bas & Nahuis, Richard, 2002. "A general purpose technology explains the Solow paradox and wage inequality," Economics Letters, Elsevier, vol. 74(2), pages 243-250, January.
    4. Daniel Schiess & Roger Wehrli, 2008. "The Calm Before the Storm? - Anticipating the Arrival of General Purpose Technologies," CER-ETH Economics working paper series 08/81, CER-ETH - Center of Economic Research (CER-ETH) at ETH Zurich.
    5. Suzanne Scotchmer, 1991. "Standing on the Shoulders of Giants: Cumulative Research and the Patent Law," Journal of Economic Perspectives, American Economic Association, vol. 5(1), pages 29-41, Winter.
    6. Timothy F. Bresnahan & Manuel Trajtenberg, 1992. "General Purpose Technologies "Engines of Growth?"," NBER Working Papers 4148, National Bureau of Economic Research, Inc.
    7. Eriksson, Clas & Lindh, Thomas, 1997. "Growth Cycles with Technology Shifts and Externalities," Working Paper Series 1997:15, Uppsala University, Department of Economics.
    8. Zon,Adriaan,van & Fortune,Emmanuelle & Kronenberg,Tobias, 2003. "How to Sow and Reap as You Go: a Simple Model of Cyclical Endogenous Growth," Research Memorandum 029, Maastricht University, Maastricht Economic Research Institute on Innovation and Technology (MERIT).
    9. Kenneth I. Carlaw & Richard G. Lipsey, 2006. "Gpt-Driven, Endogenous Growth," Economic Journal, Royal Economic Society, vol. 116(508), pages 155-174, 01.
    10. David, Paul A, 1990. "The Dynamo and the Computer: An Historical Perspective on the Modern Productivity Paradox," American Economic Review, American Economic Association, vol. 80(2), pages 355-61, May.
    11. Lipsey, Richard G. & Carlaw, Kenneth I. & Bekar, Clifford T., 2005. "Economic Transformations: General Purpose Technologies and Long-Term Economic Growth," OUP Catalogue, Oxford University Press, number 9780199290895, March.
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