The Supply Side and Macroeconomic Performance I: Technological Evolution

Mark Setterfield

Chapter 4 in Rapid Growth and Relative Decline, 1997, pp 65-83 from Palgrave Macmillan

Abstract: Abstract In Chapter 3, it was suggested that Kaldor’s model of cumulative causation can be interpreted as a first step towards understanding macroeconomic dynamics under conditions of hysteresis. Recall that our characterization of this model in equations [3.1]—[3.4] can be summarized as: [3.10] Y ˙ j t Y ˙ w = ( λ j α j β j ) t Y ˙ j 0 Y ˙ w + λ j ( γ j − α w β j ) ∑ i = 0 t − 1 ( λ j α j β j ) i $$\frac{{{{\dot Y}_{jt}}}}{{{{\dot Y}_w}}} = {({\lambda _j}{\alpha _j}{\beta _j})^t}\frac{{{{\dot Y}_{j0}}}}{{{{\dot Y}_w}}} + {\lambda _j}({\gamma _j} - {\alpha _w}{\beta _j})\sum\limits_{i = 0}^{t - 1} {{{({\lambda _j}{\alpha _j}{\beta _j})}^i}} $$ where 0

Keywords: Technological Change; Relative Growth Rate; Supply Side; Relative Decline; Incumbent Firm (search for similar items in EconPapers)
Date: 1997
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-37587-1_4

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DOI: 10.1057/9780230375871_4

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