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The Gene of an Accelerating Industrial Society: Expansive Reproduction

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  • Tai-Yoo Kim
  • Seunghyun Kim
  • Jongsu Lee

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

Abstract

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.

Suggested Citation

  • Tai-Yoo Kim & Seunghyun Kim & Jongsu Lee, 2010. "The Gene of an Accelerating Industrial Society: Expansive Reproduction," TEMEP Discussion Papers 201050, Seoul National University; Technology Management, Economics, and Policy Program (TEMEP), revised Jan 2010.
  • Handle: RePEc:snv:dp2009:201050
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    File URL: ftp://147.46.237.98/DP-50.pdf
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    References listed on IDEAS

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    1. 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.
    2. Patrick J. Kehoe & Ellen R. McGrattan, 2005. "Sudden Stops and Output Drops," American Economic Review, American Economic Association, pages 381-387.
    3. Gene M. Grossman & Elhanan Helpman, 1991. "Quality Ladders in the Theory of Growth," Review of Economic Studies, Oxford University Press, vol. 58(1), pages 43-61.
    4. Dan Ben-David & David H. Papell, 1998. "Slowdowns And Meltdowns: Postwar Growth Evidence From 74 Countries," The Review of Economics and Statistics, MIT Press, pages 561-571.
    5. Bernanke, Ben S, 1983. "Nonmonetary Effects of the Financial Crisis in Propagation of the Great Depression," American Economic Review, American Economic Association, vol. 73(3), pages 257-276, June.
    6. 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.
    7. 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.
    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, February.
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    Cited by:

    1. Russ, Meir, 2016. "The probable foundations of sustainabilism: Information, energy and entropy based definition of capital, Homo Sustainabiliticus and the need for a “new gold”," Ecological Economics, Elsevier, vol. 130(C), pages 328-338.
    2. Tai-Yoo Kim & Jihyoun Park & Eungdo Kim & Junseok Hwang, 2011. "The Faster-Accelerating Digital Economy," TEMEP Discussion Papers 201173, Seoul National University; Technology Management, Economics, and Policy Program (TEMEP), revised Apr 2011.

    More about this item

    Keywords

    Expansive reproduction; accelerating industrial society; growth; accelerations; technical change; economic growth; exponential growth;

    JEL classification:

    • L16 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Industrial Organization and Macroeconomics; Macroeconomic Industrial Structure
    • O11 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development
    • O47 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Empirical Studies of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence
    • O14 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Industrialization; Manufacturing and Service Industries; Choice of Technology

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