Castellacci, Fulvio (2005): Innovation, diffusion and cumulative causation: changes in the Spanish growth regime, 1960-2001.
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This article presents a model of macroeconomic growth that combines in a single formalization two complementary views on innovation and economic growth, the technology-gap approach and the Kaldorian theory of cumulative causation. The model suggests that what matters for economic growth in the long run is the existence of a good match between the patterns of technological change, income distribution and demand growth. The model is estimated for the Spanish economy during the period 1960-2001, and the econometric results show that important changes have happened in its growth regime over time. Since the 1980s, innovation and diffusion of new technologies provide with a greater stimulus to productivity growth, but the technology push on the supply-side is not sustained by the prevailing patterns of income distribution and demand growth.
|Item Type:||MPRA Paper|
|Original Title:||Innovation, diffusion and cumulative causation: changes in the Spanish growth regime, 1960-2001|
|Keywords:||Innovation; diffusion; cumulative causation; economic growth|
|Subjects:||O - Economic Development, Technological Change, and Growth > O1 - Economic Development|
|Depositing User:||Fulvio Castellacci|
|Date Deposited:||21. Dec 2010 13:29|
|Last Modified:||12. Feb 2013 18:02|
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