The accumulation of wealth and the cyclical generation of new technologies: A search theoretic approach

• 成果类型: Article
• 署名作者: Bental, B; Peled, D
• 署名单位: Western University (University of Western Ontario)
• 刊物名称: INTERNATIONAL ECONOMIC REVIEW
• ISSN/ISSBN: 0020-6598
• DOI: 10.2307/2527447
• 发表日期: 1996
• 页码: 687-718
• 关键词: economic-development; GROWTH

摘要

In this paper sustained technological progress results from the feedback between technical change and the accumulation of wealth. The production technology is affected by a productivity factor which ensues from research and development. The research and development process is described as a sequential search problem in which optimal decisions depend on current levels of wealth and technology. The resulting growth path displays invention cycles. A discovery of a significant technological improvement at the end of a ''search'' phase is followed by periods of growth without search. Eventually sufficient wealth is accumulated, research and development resumes and a new cycle begins.