Arbeitspapier
Endogenous growth and cycles with a continuum of technologies
When a continuum of technologies is introduced to the model of Grossman and Helpman (1991), both continuous and discrete technological progress may occur as a result of technology choices by private firms. A good is created through R&D based on one of a continuum of technologies that differ in productivity, and the R&D cost is smaller when there is greater public knowledge about that technology, which accumulates through spillovers. When firms shift continuously to superior technologies, there is no incentive to retain existing technologies and the economy grows smoothly. By contrast, when many firms choose the same technology, accumulated knowledge makes this choice privately optimal for a certain time period, and the economy grows cyclically through a sequence of discrete progresses in technology. These two dynamics constitute multiple equilibria, and it depends on the size of the parameters which equilibrium is desirable for consumers.
- Language
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Englisch
- Bibliographic citation
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Series: ISER Discussion Paper ; No. 560
- Classification
-
Wirtschaft
Business Fluctuations; Cycles
Technological Change: Choices and Consequences; Diffusion Processes
One, Two, and Multisector Growth Models
- Subject
-
endogenous growth
growth cycles
technology choice
R&D spillovers
continuous and discrete technological progress
general purpose technologies
Neue Wachstumstheorie
Technologiewahl
Spillover-Effekt
Theorie
- Event
-
Geistige Schöpfung
- (who)
-
Horii, Ryo
- Event
-
Veröffentlichung
- (who)
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Osaka University, Institute of Social and Economic Research (ISER)
- (where)
-
Osaka
- (when)
-
2001
- Handle
- Last update
-
10.03.2025, 11:44 AM CET
Data provider
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
Object type
- Arbeitspapier
Associated
- Horii, Ryo
- Osaka University, Institute of Social and Economic Research (ISER)
Time of origin
- 2001
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