The Gene of an Accelerating Industrial Society: Expansive Reproduction

Tai-Yoo Kim, Seunghyun Kim and Jongsu Lee ()

No 201050, TEMEP Discussion Papers from Seoul National University; Technology Management, Economics, and Policy Program (TEMEP)

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.

Keywords: Expansive reproduction; accelerating industrial society; growth; accelerations; technical change; economic growth; exponential growth (search for similar items in EconPapers)
JEL-codes: L16 O11 O14 O47 (search for similar items in EconPapers)
Pages: 47 pages
Date: 2010-01, Revised 2010-01
New Economics Papers: this item is included in nep-fdg
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (2)

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Persistent link: https://EconPapers.repec.org/RePEc:snv:dp2009:201050

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