Modeling of Technological Change

Natali Hritonenko and Yuri Yatsenko
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Natali Hritonenko: Prairie View A&M University

Chapter Chapter 3 in Mathematical Modeling in Economics, Ecology and the Environment, 2013, pp 53-78 from Springer

Abstract: Abstract Economic data for the last two centuries has demonstrated the presence of a self-sustaining mechanism of cumulative productivity growth, known as technical progress or technological change. In modern times, the technical progress affects not only the efficiency of the economy, but also the natural environment and entire lifestyle of human society. Section 3.1 provides a comprehensive review of major directions and trends in the modeling of technical progress, including: autonomous, induced, exogenous and endogenous, embodied and disembodied technological change, and technological change as a separate sector of the economy. Section 3.2 analyzes the classic Solow–Swan, Shell, and Ramsey models of economic dynamics with exogenous technological change. Section 3.3 explores modern one- and two-sector models with endogenous technological change, physical and human capital, and knowledge accumulation. Substitution, diffusion, and evolution models of technological innovations are briefly discussed in Sect. 3.4.

Keywords: Human Capital; Technological Change; Endogenous Growth Model; Balance Growth Path; Douglas Production Function (search for similar items in EconPapers)
Date: 2013
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Persistent link: https://EconPapers.repec.org/RePEc:spr:spochp:978-1-4614-9311-2_3

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DOI: 10.1007/978-1-4614-9311-2_3

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