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Author Dosi, Giovanni ♦ Macdonald, Gordon J.
Source CiteSeerX
Content type Text
File Format PDF
Subject Domain (in DDC) Computer science, information & general works ♦ Data processing & computer science
Subject Keyword Innovation Driven Growth ♦ Empirical Pattern ♦ Heterogeneous Agent ♦ Contemporary Growth Literature ♦ Coordination Process ♦ Technological Advance ♦ General Property ♦ Stylized Computer-simulated Model ♦ Enormous Gap ♦ Formal Growth Model ♦ Technical Change ♦ Self-sustained Growth ♦ Economic Exploitation ♦ Decentralized Economy ♦ Self-sustained Process ♦ Endless Opportunity ♦ Economic Growth ♦ Economic Discipline ♦ Good Deal
Abstract Notwithstanding the revival of attention recently displayed by the economic discipline about self-sustained processes of economic growth fueled by technological advances, an enormous gap still remains between what we historically know about technical change and its economic exploitation, one the one hand, and the ways we represent them in formal growth models, on the other. Building on some general properties of the empirical patterns of innovation and diffusion that seem to be neglected in a good deal of contemporary growth literature, we present a stylized computer-simulated model in which self-sustained growth appears as the outcome of a coordination process among heterogeneous agents locally interacting in a decentralized economy characterized by: (i) notionally endless opportunities of endogenously introducing innovations; (ii) pathdependency in learning achievements; (iii) dynamic increasing returns grounded upon collectively shared `learning paradigms'. By means of e...
Educational Role Student ♦ Teacher
Age Range above 22 year
Educational Use Research
Education Level UG and PG ♦ Career/Technical Study