Cumulative Causation and Evolutionary Micro-Founded Technical Change: A Growth Model with Integrated Economies
We propose to develop in this paper an alternative approach to the New Growth Theory to analyse growth rate divergence among integrated economies. The model presented here considers economic growth as a disequilibrium process. It introduces in a cumulative causation framework, micro-founded process of technical change taking into account elements rooted in evolutionary and Neo-Austrian literature. We then attempt to open the "Kaldor-Verdoorn law black-box" using a micro-level modelling of industrial dynamics. We use this framework to study the nature and sources of growth rate divergence, focusing on the eect of some macro-economic parameters (income elasticities) and of some technological parameters (technological opportunities and absorptive capacities). If the results remain broadly in Kaldorian lines, this framework allows for more subtle considerations of growth rate divergence.
|Date of creation:||07 Dec 2003|
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- Patrick Llerena & Vanessa Oltra, 2000.
"Diversity of Innovative Strategy as a Source of Technological Performance,"
DRUID Working Papers
00-1, DRUID, Copenhagen Business School, Department of Industrial Economics and Strategy/Aalborg University, Department of Business Studies.
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- Patrick LLERENA & Vanessa OLTRA, 2001. "Diversity of innovative strategy as a source of technological performance," Working Papers of BETA 2001-12, Bureau d'Economie Théorique et Appliquée, UDS, Strasbourg.
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- Miguel A. León-Ledesma, 2000. "Cumulative Growth and the Catching-up Debate from a Dis-equilibrium Standpoint," Studies in Economics 0001, School of Economics, University of Kent.
- Kaldor, Nicholas, 1972. "The Irrelevance of Equilibrium Economics," Economic Journal, Royal Economic Society, vol. 82(328), pages 1237-55, December.
- G. Silverberg & B. Verspagen, 1995. "Evolutionary Theorizing on Economic Growth," Working Papers wp95078, International Institute for Applied Systems Analysis.
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