Two-Dimensional Constrained Chaos and Industrial Revolution Cycles with Mathemetical Appendices

Makoto Yano () and Yuichi Furukawa
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Makoto Yano: Institute of Economic Reserch, Kyoto University and RIETI

No 1057, KIER Working Papers from Kyoto University, Institute of Economic Research

Abstract: Between the 1760s and 1980s, we have experienced at least three industrial revolutions. We explain such cycles as ergodic chaos and relate it to the average long-run interest rate and intellectual property protection. Because innovation dynamics is intrinsically multi-dimensional, we need newly to develop a structural characterization of multi-dimensional ergodic chaos suitable for an economic analysis. Introducing such a characterization for the two-dimensional case, we show that if the monopolistic use of a new invention lasts eight years, an industrial-revolution-like burst of new technologies recurs about every one hundred years, given empirically reasonable values of the determinants of a long-run interest rate.

Keywords: industrial revolutions; chaotic cycles; intellectual properties; market quality dynamics (search for similar items in EconPapers)
JEL-codes: C62 E32 O41 (search for similar items in EconPapers)
Pages: 30pages
Date: 2021-03
New Economics Papers: this item is included in nep-gro, nep-his, nep-hme, nep-ino, nep-mac and nep-tid
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