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Novelty, Hysteresis, and Growth

Listed author(s):
  • Mario Amendola

    (Dipartimento di Scienze Sociali ed Economiche - Università degli Studi di Roma "La Sapienza" [Rome])

  • Jean-Luc Gaffard

    ()

    (OFCE - OFCE - Sciences Po)

Novelty and hysteresis are the main engines of economic evolution. However, they are also at the origin of co-ordination issues, as the consequences of any innovative choice can never be fully expected. Thus, there is no sense in analysing economic change as an intertemporal equilibrium with rational expectations. Not only growth and fluctuations cannot be dissociated, but there is no long-term trend that would be independent from what happens in the short- term. The explicit consideration of essential evolutionary phenomena like novelty and hysteresis help a clearer understanding of some important episodes of contemporaneous economic history. The periods considered are characterized by crises and structural changes, and it is exactly when important disturbances affect the functioning of the economies that the relevant features of their behaviour come to the surface and hence the right interpretations of the phenomena taking place, with the adequate policy implications, can be formulated.

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Paper provided by HAL in its series Working Papers with number hal-01027426.

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Date of creation: May 2014
Handle: RePEc:hal:wpaper:hal-01027426
Note: View the original document on HAL open archive server: https://hal-sciencespo.archives-ouvertes.fr/hal-01027426
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  1. Mario Amendola & Jean Luc Gaffard & Fabricio Patriarca, 2013. "Inequality,debt and taxation:the perverse relation between the productive and the non-productive assets of the economy," Documents de Travail de l'OFCE 2013-21, Observatoire Francais des Conjonctures Economiques (OFCE).
  2. Nicholas Georgescu-Roegen, 1950. "The Theory of Choice and the Constancy of Economic Laws," The Quarterly Journal of Economics, Oxford University Press, vol. 64(1), pages 125-138.
  3. Peter Howitt, 1994. "Adjusting to Technological Change," Canadian Journal of Economics, Canadian Economics Association, vol. 27(4), pages 763-775, November.
  4. Axel Leijonhufvud, 2000. "Macroeconomic Instability and Coordination," Books, Edward Elgar Publishing, number 750.
  5. Tobin, James, 1972. "Inflation and Unemployment," American Economic Review, American Economic Association, vol. 62(1), pages 1-18, March.
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