Long-Term Growth Driven by a Sequence of General Purpose Technologies

Daniel Schiess () and Roger Wehrli ()
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Daniel Schiess: ETH Zurich, Switzerland
Roger Wehrli: ETH Zurich, Switzerland

No 11/148, CER-ETH Economics working paper series from CER-ETH - Center of Economic Research (CER-ETH) at ETH Zurich

Abstract: We present a Schumpterian model of endogenous growth with General Purpose Technologies (GPTs) that captures two important historical stylized facts: First, from the beginning of mankind until today GPTs are arriving at an increasing frequency and, second, all GPTs heavily depended on previous technologies. In our model, the arrival of GPTs is endogenous and arises stochastically depending on the currently available applied knowledge stock. This way of endogenizing the arrival of new GPTs allows for a model which is more in tune with the historical reality than the existing GPT models.

Keywords: Schumpeterian growth; research and development; general purpose technologies (search for similar items in EconPapers)
JEL-codes: O11 O33 O41 (search for similar items in EconPapers)
Pages: 25 pages
Date: 2011-07
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