Technology Revolutions and the Gestation of the New Technologies

Chien-Fu Chou and Oz Shy

No 275513, Foerder Institute for Economic Research Working Papers from Tel-Aviv University > Foerder Institute for Economic Research

Abstract: We formalize Schumpeter's explanation of technological progress and growth cycles in a model where consumers and firms benefit from periodic changes in technology which result in the development and marketing of new generations of products. We develop a genera/ equilibrium dynamic differentiated products model in order to explain technological progress via cyclical changes in investment, output, and interest rates as well as the introduction of new products. We characterize the equilibrium and analyze the effect of changes in the rate of technology growth, resource endowment, and costs of REM and production on the duration of generations of products and the frequency of technology revolutions, and hence of growth cycles.

Keywords: Financial Economics; Research and Development/Tech Change/Emerging Technologies (search for similar items in EconPapers)
Pages: 24
Date: 1991-03
References: View references in EconPapers View complete reference list from CitEc
Citations:

Downloads: (external link)
https://ageconsearch.umn.edu/record/275513/files/TEL-AVIV-FSWP-182.pdf (application/pdf)

Related works:
Journal Article: Technology Revolutions and the Gestation of New Technologies (1993)
Working Paper: Technology Revolutions and the Gestation of New Technologies (1992)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:ags:isfiwp:275513

DOI: 10.22004/ag.econ.275513

Access Statistics for this paper

More papers in Foerder Institute for Economic Research Working Papers from Tel-Aviv University > Foerder Institute for Economic Research Contact information at EDIRC.
Bibliographic data for series maintained by AgEcon Search ().