Innovation, Diffusion and Cumulative Causation: Changes in the Spanish Growth Regime, 1960-2001

Fulvio Castellacci and Isabel Alvarez (mialvare@ucm.es)

International Review of Applied Economics, 2006, vol. 20, issue 2, 223-241

Abstract: This article presents a model of macroeconomic growth that combines in a single formalization two complementary views on innovation and economic growth, the technology-gap approach and the Kaldorian theory of cumulative causation. The model suggests that what matters for economic growth in the long run is the existence of a good match between the patterns of technological change, income distribution and demand growth. The model is estimated for the Spanish economy during the period 1960-2001, and the econometric results show that important changes have happened in its growth regime over time. Since the 1980s, innovation and diffusion of new technologies provide a greater stimulus to productivity growth, but the technology push on the supply-side is not sustained by the prevailing patterns of income distribution and demand growth.

Keywords: Innovation; diffusion; cumulative causation; economic growth (search for similar items in EconPapers)
Date: 2006
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Citations: View citations in EconPapers (3)

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DOI: 10.1080/02692170600581144

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