Long-term growth driven by a sequence of general purpose technologies

Andreas Schaefer, Daniel Schiess and Roger Wehrli

Economic Modelling, 2014, vol. 37, issue C, 23-31

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)
Date: 2014
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (14)

Downloads: (external link)
http://www.sciencedirect.com/science/article/pii/S0264999313004409
Full text for ScienceDirect subscribers only

Related works:
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:eee:ecmode:v:37:y:2014:i:c:p:23-31

DOI: 10.1016/j.econmod.2013.10.014

Access Statistics for this article

Economic Modelling is currently edited by S. Hall and P. Pauly

More articles in Economic Modelling from Elsevier
Bibliographic data for series maintained by Catherine Liu ().