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Diskussionspapiere, Wirtschaftswissenschaftliche Fakultät, Universität Hannover >
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http://hdl.handle.net/10419/27223
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| Title: | | Knowledge and growth in the very long-run  |
| Authors: | | Strulik, Holger |
| Issue Date: | | 2009 |
| Series/Report no.: | | Discussion papers // School of Economics and Management of the Hanover Leibniz University 414 |
| Abstract: | | This paper proposes a theory for the evolution of knowledge diffusion and growth over the very long run. A feedback mechanism between capital accumulation and knowledge spillovers creates a unified growth theory that explains a long epoch of (quasi-) stasis and an epoch of high growth linked by gradual economic take-off. It is shown how the feedback mechanism can explain the Great Divergence, the failure of less developed countries to attract capital from abroad, the productivity slowdown in fully developed countries, and why R&D effort, TFP growth, and income growth are jointly rising along the transition towards modern growth. Finally, it is explained how a First Industrial Revolution, brought forth by increasing propositional knowledge, triggered a Second Industrial Revolution from which onwards technological progress was increasingly produced by market R&D activities. |
| Subjects: | | Endogenous growth knowledge spillovers R&D globalization unified growth theory productivity slowdown roaring twenties |
| JEL: | | O10 O30 O40 E22 |
| Document Type: | | Working Paper |
| Appears in Collections: | | Diskussionspapiere, Wirtschaftswissenschaftliche Fakultät, Universität Hannover
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