The foundations of a slow growth economy: globalization and induced technological change towards a knowledge economy
The slow growth of advanced economies since the late 90s is interpreted as the transient and apparent consequence of the discontinuity engendered by the sequence of institutional, technological and structural changes towards a knowledge intensive economy. The origins of such discontinuity can be grasped with an interpretative frame based upon the grafting of the localized technological change approach on the Heckesher-Ohlin model of international trade. This approach enables to identify the gale of information and communication technologies as the result of the efforts to cope with the institutional changes and their effects in terms of a strong bias towards knowledge intensive activities and the decline role of capital in advanced economies. The identification of the bias in technological change provides the tools to understand the determinants of the rapid transformation of the economic and social structure of the advanced economies more and more centered on the intensive use of knowledge as a production factor. The bias accounts for the apparent and transient decline of the rates of growth of output and labor productivity. This interpretative framework enables to grasp the foundations of regime shift in the growth of advanced economies and helps to spell out the significant risks of the dangerous transition to a knowledge economy.
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