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http://hdl.handle.net/10419/62913
  
Title:Balanced growth with a network of ideas PDF Logo
Authors:Ghiglino, Christian
Issue Date:2005
Series/Report no.:Working Paper, Department of Economics, Queen Mary, University of London 546
Abstract:We propose a model of economic growth in which technological progress is modelled as an expanding random network of ideas. New ideas are created by combining successful old ideas. Old ideas are chosen according to their visibility as ideas, success as generators of innovations and age but the process is stochastic. The productivity of an innovation on the other hand depends on the number, importance and success of the neighbors to the parent idea. Within this framework, we isolate the conditions on the law governing the growth of the network compatible with balanced growth. The paper can be viewed as an attempt to provide microfoundations to the set of production functions compatible with the stylized
Subjects:Economic growth, Technological progress, Innovations, Random growing network, Ideas, Scale-free distributions
JEL:D30
D50
D90
O41
Document Type:Working Paper
Appears in Collections:Working Paper Series, School of Economics and Finance, Queen Mary, University of London

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