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http://hdl.handle.net/10419/32644
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| Title: | | Evolutionary micro-founded technical change and the Kaldor-Verdoorn Law: Estimates from an artificial world  |
| Authors: | | Lorentz, André |
| Issue Date: | | 2009 |
| Series/Report no.: | | Papers on economics and evolution 0901 |
| Abstract: | | This paper proposes to identify the micro-level sources for the dynamic increasing returns occurring at an aggregate level. The paper reverts to a micro model of technological change in-line with the evolutionary literature on industrial dynamics. The data generated through numerical simulations are used to identify the sources of increasing returns as measured by the Kaldor-Verdoorn Law. In this respect we also aim to provide some plausible micro-foundations to this Law. The paper shows that: (i) Dynamic increasing returns appear as an emergent property of the model; (ii) micro-characteristics of technical change, as the amplitude and the frequency of changes, as well as selection mechanisms significantly shape these increasing returns. |
| Subjects: | | Dynamic increasing returns Kaldor-Verdoorn Law technical change evolutionary modelling |
| JEL: | | B52 L11 O31 O33 O40 |
| Document Type: | | Working Paper |
| Appears in Collections: | | Papers on Economics and Evolution, MPI für Ökonomik
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