By G. Antonelli
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Extra resources for Economics of Structural and Technological Change
Not all of the constituents of this expression are positive but the summation must be nonnegative. 31 Finally, the market rate of interest associated with the wage rate must be such that k0=0. Let us now consider an economy fully adjusted to a technique. In period 0 a new and more efficient one becomes available; the traverse analysis tries to explicate the phases through which the economic system passes to reach the new equilibrium. Hicks, in particular, was interested in the early phase of the traverse itself, in which the old and the new techniques coexist, and in phenomena connected with further induced inventions.
Economy under alternative assumptions about its changing technological structure. (Leontief and Duchin, 1986, p. 7) The alternative assumptions lead to what the authors call various ‘scenarios’, tracing different paths that the American economy might follow between 1980 and 2000. These scenarios are characterized by different speeds of adoption of computer-based technologies in the fields considered. Recent contributions have tried to take into account how innovations can flow between sectors, via the use of new and improved goods which diffuse.
28 In the work by Boyer, Coriat and Petit29 the theoretical basis is the Kaldorian cumulative growth model. This model has been generalized in order to study growth regimes characterized by unstable dynamic equilibria. The inclusion of features concerning institutional factors and technological systems in the economic analysis of growth allows these authors to develop the so-called théorie de la régulation. The neo-Keynesian macroeconomic debate has also been enriched by the confrontation with the other schools of thought which emerged particularly during the 1970s and 1980s.
Economics of Structural and Technological Change by G. Antonelli