Making Sense of Chaos: A Better Economics for a Better World
by J. Doyne Farmer · 24 Apr 2024 · 406pp · 114,438 words
in Economics’. Journal of Evolutionary Economics 4: 153–172. Dosi, G., G. Fagiolo and A. Roventini. 2010. ‘Schumpeter Meeting Keynes: A Policy-Friendly Model of Endogenous Growth and Business Cycles’. Journal of Economic Dynamics and Control 34 (9): 1748–1767. Duan, Wei, Zongchen Fan, Peng Zhang, Gang Guo and Xiaogang Qiu. 2015
Rethinking Capitalism: Economics and Policy for Sustainable and Inclusive Growth
by Michael Jacobs and Mariana Mazzucato · 31 Jul 2016 · 370pp · 102,823 words
it. 5 R. Nelson and S. Winter, ‘An Evolutionary Theory of Economic Change’, 1984, Cambridge, MA, Harvard University Press; P. M. Romer, ‘The Origins of Endogenous Growth’, The Journal of Economic Perspectives, vol. 8, no. 1, 1994, pp. 3–22. 6 C. Freeman, Technology Policy and Economic Performance: Lessons from Japan, London
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system transformation. Innovation and growth Technological innovation has long been recognised as one of the core drivers of economic growth, but in modern theories of endogenous growth it is given a pre-eminent role.14 Investment in innovation—in human capital, research and development (R&D) and knowledge—is the key not
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can be created out of knowledge and information. Unlike material resources, knowledge does not deplete. Indeed, knowledge builds on knowledge: one of the sources of endogenous growth is that constant or increasing returns to ideas can overcome diminishing returns to physical capital.17 It is very hard to unlearn what has been
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that accounting for the drivers of growth and innovation affords the opportunity to dramatically lower the costs of reducing emissions. S. Dietz and N. Stern, ‘Endogenous growth, convexity of damage and climate risk: how Nordhaus’ framework supports deep cuts in carbon emissions’, The Economic Journal, vol. 125, no. 583, 2015, pp. 574
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.businessclimatesummit.com/wp-content/uploads/2015/05/Business-Climate-Summit-Press-release.pdf (accessed 14 April 2016). 14 See P. M. Romer, ‘The origins of endogenous growth’, The Journal of Economic Perspectives, vol. 8, no. 1, 1994, pp. 3–22, doi:10.1257/jep.8.1.3. JSTOR 2138148. See also D
Straight Talk on Trade: Ideas for a Sane World Economy
by Dani Rodrik · 8 Oct 2017 · 322pp · 87,181 words
, we must presume there is a strong idiosyncratic element in political leadership and political creativity. Nevertheless, as the economic literature on research and development and endogenous growth indicates, certain systematic elements are also in play.12 For example, technological innovation responds to market incentives—the pursuit of monopoly profits through the acquisition
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, and Elias Dinopoulos, “A Schumpeterian Model of the Product Life,” American Economic Review, vol. 80(5), December 1990: 1077–1091; Philippe Aghion and Peter Howitt, Endogenous Growth Theory, MIT Press, Cambridge, MA, 1998. 13. Daron Acemoglu and James A. Robinson, “Economics versus Politics: Pitfalls of Policy Advice,” NBER Working Paper 18921, March
What Would the Great Economists Do?: How Twelve Brilliant Minds Would Solve Today's Biggest Problems
by Linda Yueh · 4 Jun 2018 · 453pp · 117,893 words
work practices and businesses. A major challenge to Solow’s view is related to technology. The developers of endogenous growth models from the 1960s onwards criticized Solow for not explaining where technology came from. Endogenous growth models treat technology as determined within the model; in other words, ‘endogenously’ generated by the capital and labour
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within an economy. The neoclassical Solow model was alleged to treat technological progress as if it were ‘manna from heaven’. By contrast, endogenous growth theories attempt to explain how technological advances come about, raising the productivity of an economy. Those models say that educated researchers and investment in R
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&D are what generates technological improvements, which in turn boosts economic growth. Solow was unconvinced by some of the assumptions of endogenous growth, particularly in its simplest form, known as the AK model. (The ‘A’ in the title of the model refers to the economics shorthand for technology
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neat to be plausible. Although they differ in terms of how growth comes about, these models follow the implications set out by the Solow model. Endogenous growth theories extend Solow’s neoclassical model in spelling out how innovators produce technological progress. Another criticism relates to the work of Douglass North discussed in
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economic freedom economic growth and austerity barriers convergence hypothesis development challenges see economic development challenges drivers of 2 see also innovation; institutions; public investment; technology endogenous growth theories inclusive growth through investment Japan’s growth and Japan’s ‘lost decades’ Lewis model mercantilist doctrine of and new technologies policy debates on raising
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workers and government spending and imperfect competition losses with imports and Robinson and skill-biased technical change temporary workers wages and levels of work incentive endogenous growth theories Engels, Friedrich The Condition of the Working Class in England and Marx see also Marx, Karl: Communist Manifesto (with Engels) Enlightenment European Scottish entrepreneurs
Human Frontiers: The Future of Big Ideas in an Age of Small Thinking
by Michael Bhaskar · 2 Nov 2021
would likely exhibit a strongly rising curve of R&D spend, not matched by increases in travel speed or comfort. If Romer's work on endogenous growth theory was vital in bringing ideas into economics, Jones and his colleagues show how ideas are not as ceaselessly abundant in new varieties as we
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Growth in a World of Ideas’, American Economic Review, Vol. 92 No. 1, pp. 220–39 Jones, Charles I. (2019), ‘Paul Romer: Ideas, Nonrivalry, and Endogenous Growth’, The Scandinavian Journal of Economics, Vol. 121 No. 3, pp. 859–83 Jones, Charles I., and Vollrath, Dietrich (2013), Introduction to Economic Growth: Third Edition
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the U.S. Patent Classification System’, available at SSRN: https://ssrn.com/abstract=2924387 Laincz, C.A. and Peretto, P.F. (2006), ‘Scale effects in endogenous growth theory: an error of aggregation not specification’, Journal of Economic Growth, 11, pp. 263–88 Lakatos, Imre (1980), The Methodology of Scientific Research Programmes: Philosophical
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, 161 tech companies 214 technological change 280–1, 338 and economic growth 88 illusion of 85 slowdown 84 technology 25–6 boosting growth 82, 88 endogenous growth 88–9, 94 see also new technology telescopes 231–2, 239, 263 television 75 Terror, the 137 Tesla, Nikola 286, 287–8, 290 Texas Instruments
The Great Convergence: Information Technology and the New Globalization
by Richard Baldwin · 14 Nov 2016 · 606pp · 87,358 words
are inclined to dispute whether it is really new and others whether it is really geography. The other 1990s logic set is the so-called endogenous growth theory, which is indisputably new and definitely about growth. The pathbreaker here is, among others, New York University economist Paul Romer. The last analytic framework
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when trade costs are low. This is counterintuitive, but the logic is nonetheless airtight. Firms become more (not less) footloose when trade costs are low. Endogenous Growth Takeoffs and Economic Geography The static NEG reasoning discussed hereto is a useful indicator as to the direction things may move, but globalization’s headline
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growth rates—not just one-off shifts. Fortunately, connecting location and growth is quite simple. The big breakthrough Paul Romer made when he launched the endogenous growth theory in the 1980s was conceptual and mathematical. The mathematical part is of no interest here and the conceptual part is so simple it is
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giants if the giants are too far away. Putting this sort of consideration into the framework was done when Gene Grossman and Elhanan Helpman took endogenous growth theory to an international setting in their 1991 book Innovation and Growth in the Global Economy.4 Again, the key insight is simplicity itself. They
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we linked to the foreign-created knowledge provide a subsidy to domestic innovators. Knowledge Spillovers, the Great Divergence, and the Great Convergence Tying together the endogenous growth and the New Economic Geography frameworks explains how the steam revolution could have encouraged agglomeration that produced the Great Divergence while the ICT revolution encouraged
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industry dispersed half-half between the North and the South. SOURCE: Adapted from concepts in Richard Baldwin and Rikard Forslid, “The Core-Periphery Model and Endogenous Growth: Stabilising and Destabilising Integration,” Economica 67, no. 267 (August 2000): 307–324. The thinking behind Figure 52 builds on the Krugman-Venable abstraction in that
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coins in the form: “Standing on the shoulders of giants.” (Newton was warden of the Royal Mint for thirty years.) 3. The version of the endogenous growth theory is drawn from the Grossman and Helpman approach; see Gene Grossman and Elhanan Helpman, Innovation and Growth in the Global Economy (Cambridge, MA: MIT
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, 72. See also A7/global South/developing nations Eichengreen, Barry, 65 1177 BC: The Year Civilization Collapsed (Cline), 27 The End of Globalization (James), 64 endogenous growth theory, 179, 191–196, 193–196, 194f energy, 19 Enlightenment, 38–39, 46 epidemics, 41f. See also Columbian Exchange Estevadeordal, Antoni, 49 Eurasia, 40 Eurasian
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, 189f, 194f, 208–211, 214 The New Geography of Jobs (Moretti), 228, 233, 235 New Globalization (Phase Four) (second unbundling): control and, 174–175, 176; endogenous growth/New Economic Geography and, 193–196, 194f; industrialization and, 7, 8; know-how and, 139; mental models and, 112, 113; moving ideas and, 161–162
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1990): agglomeration and, 122–124, 123f, 124f; BITs and, 104; communications and, 130–139; comparative advantage and, 12, 145, 146, 147, 166f–167, 179–185; endogenous growth/New Economic Geography and, 193–196, 194f; entangled flows and, 150, 151; GDP shares and, 81f; global value chain and, 155f; Great Convergence and, 135
The Transhumanist Reader
by Max More and Natasha Vita-More · 4 Mar 2013 · 798pp · 240,182 words
of Models of Technological Singularity Anders Sandberg This essay reviews different definitions and models of technological singularity. The models range from conceptual sketches to detailed endogenous growth models, as well as attempts to fit empirical data to quantitative models. Such models are useful for examining the dynamics of the world-system and
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+ 1) = CX(t) + d or differential equations like X ′ (t) = CX(t) + d have solutions tending towards Λeλt if C is diagonalizable. Endogenous growth models (type A,B,I) Endogenous growth theory models the growth of an economy with improving technology, where the technology is assumed to be growing as a function of the
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create explosive growth even when each of the factors in isolation cannot. Population-technology model (type A,F,I) A population theoretic model similar to endogenous growth was formulated by Taagepera (1979). It links the population P with technology T and nonrenewable resources R via a modified logistic growth model: where the
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. Whether this would lead to increasing per-capita income for humans depends on whether they retain a constant fraction of capital. Model variations such as endogenous growth, changing work hours, a continuum of job types where some are more suitable for humans than others, and distinguishing human capital, hardware, and software from
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models appears to afford much empirically constrained modeling. The fact that long-term (at least) exponential growth can occur and that many not too implausible endogenous growth models can produce radical growth appears to support some forms of the singularity concept. A common criticism is that technological singularity assumes technological determinism. This
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, information, or system size) can produce radical growth. Hence identifying feedback loops with increasing returns may be a way of detecting emerging type A singularities. Endogenous growth models and Robin Hanson’s models also strongly support the conclusion that if mental capital (embodied in humans, artificial intelligence or posthumans) becomes relatively cheaply
The Case Against Education: Why the Education System Is a Waste of Time and Money
by Bryan Caplan · 16 Jan 2018 · 636pp · 140,406 words
. Johnson, Matthew. 2013. “Borrowing Constraints, College Enrollment, and Delayed Entry.” Journal of Labor Economics 31 (4): 669–725. Jones, Charles. 1995. “Time Series Tests of Endogenous Growth Models.” Quarterly Journal of Economics 110 (2): 495–525. ———. 2005. “Growth and Ideas.” In Handbook of Economic Growth, vol. 1, edited by Philippe Aghion and
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/research/files/papers/2013/05/07-should-everyone-go-to-college-owen-sawhill/08-should-everyone-go-to-college-owen-sawhill.pdf. Pack, Howard. 1994. “Endogenous Growth Theory: Intellectual Appeal and Empirical Shortcomings.” Journal of Economic Perspectives 8 (1): 55–72. Park, Jin. 1994. “Estimation of Sheepskin Effects and Returns to Schooling
The Entrepreneurial State: Debunking Public vs. Private Sector Myths
by Mariana Mazzucato · 1 Jan 2011 · 382pp · 92,138 words
is distributed throughout an economy, often reflective of the crucial role of the State in influencing the distribution (Freeman 1995; Lundvall 1992). Schumpeterian economists criticize endogenous growth theory because of its assumption that R&D can be modelled as a lottery where a certain amount of R&D investment will create a
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fact innovation is an example of true Knightian uncertainty, which cannot be modelled with a normal (or any other) probability distribution that is implicit in endogenous growth theory, where R&D is often modelled using game theory (Reinganum 1984). By highlighting the strong uncertainty underlying technological innovation, as well as the very
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and thus cannot be understood through rational economic theory (as was discussed above, this is one of the critiques that modern day Schumpeterians make of ‘endogenous growth theory’, which models R&D as a game-theoretic choice). Furthermore, the ability to engage in innovation differs greatly between companies and is one of
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/vehicles 108, 123, 124, 133 Electric Power Research Institute (EPRI) 151 Elias, John 102–3 email 104 End of Laissez Faire, The (Keynes) 4, 194 endogenous growth theory: see ‘new growth’ theory energy crisis 137, 144–5; see also green industrial revolution Energy Frontier Research Centers (EFRCs) 133 Enron 148 ‘enterprise zones
The Ages of Globalization
by Jeffrey D. Sachs · 2 Jun 2020
from the Ocean Age 7 The Industrial Age (1800–2000) From the Organic Economy to the Energy-Rich Economy Why Did Industrialization Start in Britain? Endogenous Growth and Kondratiev Waves The Diffusion of Industrialization in Europe The Great Global Divergence The Asian Drama: China, India, and Japan Europe Swallows Africa Anglo-American
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keeping, ceramics, and eventually writing, first in cuneiform and pictographs and later with alphabets. Sedentary life in this way set off a chain reaction of endogenous growth, producing a gradual expansion of know-how and an accompanying increase in population. After some time, perhaps millennia, the living standards of the settled farm
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, Japan, China, and now Africa, can trace their own industrial lineage to a single common ancestor: Watt and his steam engine in Glasgow in 1776. Endogenous Growth and Kondratiev Waves The steam engine was so decisive, unleashing advances in factory production, precision manufacturing, and countless applications of the new steam power, that
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R&D and further innovation. Economists label this self-sustaining process (innovation → larger market size → innovation → larger market size) as “endogenous growth.” The economist Paul Romer provided a rigorous mathematical account of endogenous growth in the 1980s and received the Nobel Prize in Economics for his achievement. The steam engine and the breakthrough to
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an energy-rich economy set off such a process of endogenous growth that it has so far lasted for more than two centuries. Global GDP per capita, which hardly budged for centuries before the age of industrialization
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,982, and South Korea at 15,763.8 If we think regionally rather than nationally, we can say that there are now three centers of endogenous growth in the world economy: the United States; the European Union; and northeast Asia, including three R&D powerhouses: China, Japan, and South Korea. For the
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