Stochastic Growth in Schumpeterian Dynamics
نویسنده
چکیده
This paper discusses three key elements of stochastic growth in the Schumpeterian dynamics. These elements comprise the new entry of firms in an industry, the displacement of the old technology by the new and the nonlinear impact of learning by doing on the growth of innovating firms. Each of these elements has important implications for the new theory of endogenous growth. * Department of Economics, University of California, Santa Barbara, California 93106, USA Fax: (805) 893-8830
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