Endogenizing technical change: Uncertainty, profits, entrepreneurship. A long-term view of sectoral dynamics

Angelo Fusari () and Angelo Reati

Structural Change and Economic Dynamics, 2013, vol. 24, issue C, 76-100

Abstract: Taking as reference the long-wave theory, in this paper we try to give a fully endogenous explanation of the factors triggering the technological revolutions – one of the main causes of a new long upswing. We extend the traditional macro and meso economic analysis by presenting a behavioural model in which innovation, entrepreneurship and radical uncertainty play a crucial role in determining the dynamics of the system. Our theoretical analysis is enriched and formalized in a multi-sectoral model, whose consistency is verified through numerical simulations.

Keywords: Radical and incremental innovations; Long waves; Sectoral dynamics; Entrepreneurship; Radical uncertainty (search for similar items in EconPapers)
JEL-codes: B25 E32 E37 O11 O12 O33 (search for similar items in EconPapers)
Date: 2013
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Citations: View citations in EconPapers (11)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:streco:v:24:y:2013:i:c:p:76-100

DOI: 10.1016/j.strueco.2012.06.004

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