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Evolutionary Micro-founded Technical Change and The Kaldor-Verdoorn Law: Estimates from an Artificial World

André Lorentz

Papers on Economics and Evolution from Philipps University Marburg, Department of Geography

Abstract: This paper proposes to identify the micro-level sources for the dynamic increasing returns occurring at an aggregate level. The paper reverts to a micro model of technological change in-line with the evolutionary literature on industrial dynamics. The data generated through numerical simulations are used to identify the sources of increasing returns as measured by the Kaldor-Verdoorn Law. In this respect we also aim to provide some plausible micro-foundations to this Law. The paper shows that: (i) Dynamic increasing returns appear as an emergent property of the model; (ii) micro-characteristics of technical change, as the amplitude and the frequency of changes, as well as selection mechanisms significantly shape these increasing returns.

Keywords: Dynamic increasing returns; Kaldor-Verdoorn Law; technical change; evolutionary modelling Length 31 pages (search for similar items in EconPapers)
JEL-codes: B52 L11 O31 O33 O40 (search for similar items in EconPapers)
Date: 2009-04
New Economics Papers: this item is included in nep-cmp and nep-evo
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

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