Technical change in a combined Classical - Evolutionary multi-sector economy: Causes, Effects and implications for economic and social policy
The causes and effects of technical change are investigated in a multi-sector economy. The underlying modelling framework is a hybrid of Classical economic thinking as introduced by Ricardo (1821) and formalised by Sraffa(1960), and of Evolutionary economics following Schumpeter (1934)and Nelson & Winter (1982). The special case of one sector is elaborated at length, leading to several implications concerning economic and legal policy in the presence of ongoing technical change. This includes technological unemployment and technologically induced wage inequalities which are either temporary or persistent, and also the problem of effective demand in a dynamic economic environment is discussed. Within the model business cycles as a consequence of innovative general purpose technologies with subsequent technical progress can be illustrated.
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