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Paths of economic development: modelling factors of endogenous growth

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  • Fusari, Angelo

Abstract

This article sets out a model giving an interpretation of the engine of economic development and growth, and business cycle. Based on a peculiar concept of dynamic competition, the model explains innovation and uncertainty and describes the way equilibrating and disequilibrating processes are intertwined and operate. It also carries out concise application to successive stages of economic development, along with some econometric application, that demonstrates the degree of generality and flexibility of the theory proposed and provides a comprehensive interpretative tool and pictures of different growth processes and the crucial factors on which they depend.

Suggested Citation

  • Fusari, Angelo, 1994. "Paths of economic development: modelling factors of endogenous growth," MPRA Paper 75165, University Library of Munich, Germany, revised 1994.
    • Handle: RePEc:pra:mprapa:75165
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    References listed on IDEAS

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    1. Robert M. Solow, 1956. "A Contribution to the Theory of Economic Growth," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 70(1), pages 65-94.
    2. Leibenstein, Harvey, 1978. "General X-Efficiency Theory and Economic Development," OUP Catalogue, Oxford University Press, number 9780195023800.
    3. Gene M. Grossman & Elhanan Helpman, 1991. "Quality Ladders in the Theory of Growth," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 58(1), pages 43-61.
    4. Pindyck, Robert S, 1991. "Irreversibility, Uncertainty, and Investment," Journal of Economic Literature, American Economic Association, vol. 29(3), pages 1110-1148, September.
    5. Aghion, Philippe & Howitt, Peter, 1992. "A Model of Growth through Creative Destruction," Econometrica, Econometric Society, vol. 60(2), pages 323-351, March.
    6. Scott, Maurice, 1992. "A New Theory of Endogenous Economic Growth," Oxford Review of Economic Policy, Oxford University Press and Oxford Review of Economic Policy Limited, vol. 8(4), pages 29-42, Winter.
    7. von Mises, Ludwig, 1976. "Epistemological Problems of Economics," History of Economic Thought Books, McMaster University Archive for the History of Economic Thought, number mises1976.
    8. K. J. Arrow, 1971. "The Economic Implications of Learning by Doing," Palgrave Macmillan Books, in: F. H. Hahn (ed.), Readings in the Theory of Growth, chapter 11, pages 131-149, Palgrave Macmillan.
    9. Lucas, Robert Jr., 1988. "On the mechanics of economic development," Journal of Monetary Economics, Elsevier, vol. 22(1), pages 3-42, July.
    10. Romer, Paul M, 1990. "Endogenous Technological Change," Journal of Political Economy, University of Chicago Press, vol. 98(5), pages 71-102, October.
    11. Labini, Paolo Sylos, 1990. "Technical progress, unemployment, and economic dynamics," Structural Change and Economic Dynamics, Elsevier, vol. 1(1), pages 41-55, June.
    12. King, Mervyn A & Robson, M H, 1992. "Investment and Technical Progress," Oxford Review of Economic Policy, Oxford University Press and Oxford Review of Economic Policy Limited, vol. 8(4), pages 43-56, Winter.
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    Cited by:

    1. Fusari, Angelo, 2013. "Radical Uncertainty, Dynamic Competition and a Model of the Business Cycle," MPRA Paper 74015, University Library of Munich, Germany, revised Mar 2013.
    2. Fusari, Angelo, 2016. "A New Economics for Modern Dynamic Economies," MPRA Paper 74008, University Library of Munich, Germany, revised 2016.
    3. Fusari, Angelo, 2015. "The question of the firm. Organizational forms and dimensions," MPRA Paper 74177, University Library of Munich, Germany, revised 2015.

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    More about this item

    Keywords

    Economic theory; Growth and development; Business cycles; Dynamic competition; Innovation; Radical uncertainty;
    All these keywords.

    JEL classification:

    • A10 - General Economics and Teaching - - General Economics - - - General
    • C1 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General
    • C5 - Mathematical and Quantitative Methods - - Econometric Modeling
    • E0 - Macroeconomics and Monetary Economics - - General
    • P0 - Political Economy and Comparative Economic Systems - - General

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