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Endogenizing technical change: Uncertainty, profits, entrepreneurship. A long-term view of sectoral dynamics
- Source :
-
Structural Change & Economic Dynamics . Mar2013, Vol. 24, p76-100. 25p. - Publication Year :
- 2013
-
Abstract
- Abstract: Taking as reference the long-wave theory, in this paper we try to give a fully endogenous explanation of the factors triggering the technological revolutions – one of the main causes of a new long upswing. We extend the traditional macro and meso economic analysis by presenting a behavioural model in which innovation, entrepreneurship and radical uncertainty play a crucial role in determining the dynamics of the system. Our theoretical analysis is enriched and formalized in a multi-sectoral model, whose consistency is verified through numerical simulations. [Copyright &y& Elsevier]
Details
- Language :
- English
- ISSN :
- 0954349X
- Volume :
- 24
- Database :
- Academic Search Index
- Journal :
- Structural Change & Economic Dynamics
- Publication Type :
- Academic Journal
- Accession number :
- 85279690
- Full Text :
- https://doi.org/10.1016/j.strueco.2012.06.004