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A Schumpeterian Heterogeneous Agent Model of the Business Cycle with Innovation Spreads instead of Innovation Swarms

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  • Frank Schohl

Abstract

An essential feature of Schumpeter’s business cycle theory is the attempt to explain the macrodynamics of an economy by means of innovative heterogeneous agents. It has been criticized for being theoretically inconsistent as well as for its lack of empirical confirmation. In particular, the three-wave-scheme stands in contradiction to empirical innovation studies. The present paper collects scattered evidence on cyclically changing varieties on the firm level. It then presents a heterogeneous-agent market-process based model of the business cycle in which innovations of any kind can take place all the time. This avoids many shortcomings of Schumpeter’s approach.

Suggested Citation

  • Frank Schohl, 1998. "A Schumpeterian Heterogeneous Agent Model of the Business Cycle with Innovation Spreads instead of Innovation Swarms," Working Paper Series B 1998-13, Friedrich-Schiller-Universität Jena, Wirtschaftswissenschaftliche Fakultïät.
  • Handle: RePEc:jen:jenavo:1998-13
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    More about this item

    Keywords

    firm heterogeneity; heterogeneous agent models; innovation; endogeneous turning points;

    JEL classification:

    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
    • L16 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Industrial Organization and Macroeconomics; Macroeconomic Industrial Structure

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