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Endogenous growth and structural change through vertical and horizontal innovations
JournalArticle (Originalarbeit in einer wissenschaftlichen Zeitschrift)
 
ID 3963906
Author(s) Bondarev, Anton; Greiner, Alfred
Author(s) at UniBasel Bondarev, Anton
Year 2017
Title Endogenous growth and structural change through vertical and horizontal innovations
Journal Macroeconomic dynamics
Pages / Article-Number 1-28
Abstract This paper combines horizontal and vertical innovations to generate an endogenous growth model allowing for structural change as an endogenous phenomenon. Older technologies are continuously replaced by newer ones due to creative destruction, and new technologies appear as a result of horizontal innovations and due to the consumers' preference for variety. We assume fixed operational costs for the manufacturing sector and an endogenously defined patent price for every new technology. Every industry is profitable only for a limited period of time, making the effective time of existence of the technology endogenous and finite. We find that in such an economy endogenous structural change is the source of ongoing economic growth. Furthermore, the range of existing sectors as well as growth rates stays constant as long as the technologies are symmetric.
Publisher Cambridge University Press
ISSN/ISBN 1365-1005
URL https://www.cambridge.org/core/journals/macroeconomic-dynamics/article/endogenous-growth-and-structural-change-through-vertical-and-horizontal-innovations/06255C6C4EF1C43D4A7E5CD5CE6ADBCD
edoc-URL http://edoc.unibas.ch/56526/
Full Text on edoc No
Digital Object Identifier DOI 10.1017/S1365100516001115
 
   

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14/05/2024