Semi-endogenous growth dynamics in a macroeconomic model with delays

Johannes Hartwig

Structural Change and Economic Dynamics, 2022, vol. 62, issue C, 538-551

Abstract: While explaining economic growth is still an open question in economics, it is widely recognized that innovation plays a leading role in its promotion. However, innovative activity involves both time delays and accumulation, and both are topics that neoclassical economics do not put an emphasis upon. If one introduces these features into a growth model and allows for imbalances between the demand and supply side of the economy, fluctuations are the result. This means that by introducing these mechanisms one can argue that investing in innovation can be both a driver for long-term growth as well as a reason for mid-term fluctuations. Hence, the growth dynamics arising from innovative activities have a more complicated pattern than neoclassical growth models can usually account for.

Keywords: disequilibrium model; System dynamics; Endogenous growth; Technical progress (search for similar items in EconPapers)
Date: 2022
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Persistent link: https://EconPapers.repec.org/RePEc:eee:streco:v:62:y:2022:i:c:p:538-551

DOI: 10.1016/j.strueco.2022.06.009

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