Science, Diminishing Returns and Long Waves
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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