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Science, Diminishing Returns and Long Waves

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  • Chol-Won Li

Abstract

An endogenous growth model with long waves of growth, underlining the distinction between science and technology, is constructed. Scientific progress accelerates the rate of technological progress, but diminishing returns to technological research decelerates it. This process repeats itself with endogenous clustering of innovations. We show that higher trend (long-run) growth is associated with more frequent waves of economic activity. Moreover, we identify a trade-off between actual and trend growth rates when technological research activities are subsidized. Copyright 2001 by Blackwell Publishers Ltd and The Victoria University of Manchester
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  • Chol-Won Li, "undated". "Science, Diminishing Returns and Long Waves," Working Papers 9715, Business School - Economics, University of Glasgow.
  • Handle: RePEc:gla:glaewp:9715
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    Cited by:

    1. G. Silverberg, 2007. "Long Waves: Conceptual, Empirical and Modelling Issues," Chapters,in: Elgar Companion to Neo-Schumpeterian Economics, chapter 50 Edward Elgar Publishing.
    2. Patrick Francois & Huw Lloyd- Ellis, 2005. "I - Q Cycles," Macroeconomics 0511023, University Library of Munich, Germany.
    3. Li, Chol-Won, 2000. "Growth and Output Fluctuations," Scottish Journal of Political Economy, Scottish Economic Society, vol. 47(2), pages 95-113, May.
    4. Kriedel, Norbert, 2006. "Long waves of economic development and the diffusion of general-purpose technologies: The case of railway networks," HWWI Research Papers 1-1, Hamburg Institute of International Economics (HWWI).
    5. Stadler, Manfred, 2013. "Scientific breakthroughs, innovation clusters and stochastic growth cycles," University of Tuebingen Working Papers in Economics and Finance 60, University of Tuebingen, Faculty of Economics and Social Sciences.

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