Schumpeter's Circular Flow, Learning by Doing and Cyclical Growth

Alfred Greiner and Horst Hanusch ()

Journal of Evolutionary Economics, 1994, vol. 4, issue 3, 71 pages

Abstract: A two-sector growth model with endogenous technical change is presented. Concerning technical change, we assume that it is reflected by increases in the stock of human capital which are acquired through learning by doing. As a result, it turns out that transitory or, using the Hopf bifurcation theorem, persistent oscillations of the economic variables may be the outcome. Thus, we are able to show that learning mechanisms alone may be sufficient to destroy the circular flow as described by Schumpeter.

Date: 1994
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Journal of Evolutionary Economics is currently edited by Uwe Cantner, Elias Dinopoulos, Horst Hanusch and Luigi Orsenigo

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