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The Gene of an Accelerating Industrial Society: Expansive Reproduction

  • Tai-Yoo Kim
  • Seunghyun Kim
  • Jongsu Lee

    ()

    (Technology Management, Economics, and Policy Program (TEMEP), Seoul National University)

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    This study reviewed broad theories of economics and case studies to explain the phenomenon of accelerating economic growth in industrial society. Based on economic literature of economic growth theories, the causes of the acceleration of economic growth in industrial society are identified, and reference the genetic properties of economic growth represented as the virtuous cycle of expansive reproduction. Expansive reproduction is a unique growth structure of industrial society with an economy that expands through capital accumulation and technological innovation. The model suggested in this study is supported by major economic growth theories, such as Smith¡¯s theory of the division of labor, Marshall¡¯s theory of returns to scale, Chandler¡¯s theory of increasing returns, Myrdal¡¯s theory of cumulative causation, endogenous growth theory, and learning by doing, and also by empirical data, such as historical trends in per capita GDP and production efficiency. This study attempts to explain accurately economic growth in industrial society and forms a guide to the critical pathway leading to economic development, providing a theoretical background in determining industrial policies. This study also provides implications for advancing toward becoming a knowledge-based economy, an extension of postindustrial society.

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    File URL: ftp://147.46.237.98/DP-50.pdf
    File Function: First version, 2010
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    Paper provided by Seoul National University; Technology Management, Economics, and Policy Program (TEMEP) in its series TEMEP Discussion Papers with number 201050.

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    Length: 47 pages
    Date of creation: Jan 2010
    Date of revision: Jan 2010
    Handle: RePEc:snv:dp2009:201050
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    1. Grossman, G.M. & Helpman, E., 1989. "Quality Ledders In The Theory Of Growth," Papers 148, Princeton, Woodrow Wilson School - Public and International Affairs.
    2. Patrick J. Kehoe & Ellen R. McGrattan, 2005. "Sudden Stops and Output Drops," American Economic Review, American Economic Association, vol. 95(2), pages 381-387, May.
    3. Ben-David, Dan & Papell, David, 1995. "Slowdowns and Meltdowns: Post-war Growth Evidence from 74 Countries," CEPR Discussion Papers 1111, C.E.P.R. Discussion Papers.
    4. Ben S. Bernanke, 1983. "Non-Monetary Effects of the Financial Crisis in the Propagation of the Great Depression," NBER Working Papers 1054, National Bureau of Economic Research, Inc.
    5. Rudger Dornbusch & Ilan Goldfajn & Rodrigo O. Valdés, 1995. "Currency Crises and Collapses," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 26(2), pages 219-294.
    6. Crafts, N. F. R. & Mills, Terence C., 1997. "Endogenous Innovation, Trend Growth, and the British Industrial Revolution: Reply to Greasley and Oxley," The Journal of Economic History, Cambridge University Press, vol. 57(04), pages 950-956, December.
    7. John A. Norton & Frank M. Bass, 1987. "A Diffusion Theory Model of Adoption and Substitution for Successive Generations of High-Technology Products," Management Science, INFORMS, vol. 33(9), pages 1069-1086, September.
    8. By R.V. JACKSON, 1992. "Rates of industrial growth during the industrial revolution," Economic History Review, Economic History Society, vol. 45(1), pages 1-23, 02.
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