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Secular Stagnation and innovation dynamics: an agent-based SFC model. Part I

Andrea Borsato ()

Department of Economics University of Siena from Department of Economics, University of Siena

Abstract: The paper fills a gap in the Secular Stagnation literature and develops an agent-based SFC model to analyse the deep relationship between income distribution and productivity through the channel of innovation. With a steady gaze on US macro-economic data since 1950, we put forth the idea that the continuous shift of income fromwages to profits may have resulted in a smaller incentive to invest in R&D activity, with the decline in productivity performances that characterizes Secular Stagnation in the USA. The paper is the first step toward the growth model that will be developed in Part II.

Keywords: Secular Stagnation; Innovation dynamics; Incomedistribution; Agentbased SFC models. (search for similar items in EconPapers)
JEL-codes: E10 O31 O38 O43 P16 (search for similar items in EconPapers)
Date: 2020-09
New Economics Papers: this item is included in nep-cmp, nep-hme, nep-ino, nep-mac and nep-tid
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Persistent link: https://EconPapers.repec.org/RePEc:usi:wpaper:840

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