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Title:Evolutionary micro-founded technical change and the Kaldor-Verdoorn Law: Estimates from an artificial world PDF Logo
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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