Two-dimensional Constrained Chaos and Time in Innovation: An analysis of industrial revolution cycles

Makoto Yano and Yuichi Furukawa

Discussion papers from Research Institute of Economy, Trade and Industry (RIETI)

Abstract: Many issues in cycles and fluctuations cannot be explained without multiple state variables. Time needed for innovation is one such issue. This study uncovers, and provides a new characterization for, ergodic chaos with two state variables and builds a model of innovation highlighting time in innovation and intellectual property protection. We demonstrate that the explosive industrial takeoffs and Kondratieff's long waves over the past two centuries and a half may be explained as a single equilibrium phenomenon. Time in innovation tends to stabilize chaotic innovation dynamics. Intellectual property protection is a necessary condition for chaotic takeoffs from the no-innovation phase.

Pages: 55 pages
Date: 2019-02
New Economics Papers: this item is included in nep-ino
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Citations: View citations in EconPapers (2)

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Persistent link: https://EconPapers.repec.org/RePEc:eti:dpaper:19008

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