Hinweis
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The calm before the storm?
Open access
Datum
2008Typ
- Working Paper
ETH Bibliographie
yes
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Abstract
This paper presents a Schumpeterian quality-ladder model incorporating the impact of new General Purpose Technologies (GPTs). GPTs are breakthrough technologies with a wide range of applications, opening up new innovational complementarities. In contrast to most existing models which focus on the events after the arrival of a new GPT, the model developed in this paper focuses on the events before the arrival if R&D firms know the point of time and the technological impact of this drastic innovation. In this framework we can show, that the economy goes through three main phases: First, the economy is in its old steady state. Second, there are transitional dynamics and finally, the economy is in a new steady state with higher growth rates. The transitional dynamics are characterized by oscillating cycles. Shortly before the arrival of a new GPT, there is an increase in R&D activities and growth going even beyond the old steady state levels and immediately before the arrival of the new GPT, there is a large slump in R&D activities using the old GPT. Mehr anzeigen
Persistenter Link
https://doi.org/10.3929/ethz-a-005541864Publikationsstatus
publishedZeitschrift / Serie
Economics Working Paper SeriesBand
Verlag
CER-ETHThema
Schumpeterian growth; research and development; general purpose technologiesOrganisationseinheit
03635 - Bretschger, Lucas (emeritus) / Bretschger, Lucas (emeritus)
02045 - Dep. Geistes-, Sozial- u. Staatswiss. / Dep. of Humanities, Social and Pol.Sc.
ETH Bibliographie
yes
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