Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/89526
Authors: 
Llerena, Patrick
Lorentz, André
Year of Publication: 
2003
Series/Report no.: 
LEM Working Paper Series 2003/05
Abstract: 
We propose to develop in this paper an alternative approach to the New Growth Theory to analyse growth rate divergence among integrated economies. The model presented here considers economic growth as a disequilibrium process. It introduces in a cumulative causation framework, micro-founded process of technical change taking into account elements rooted in evolutionary and Neo-Austrian literature. We then attempt to open the 'Kaldor-Verdoorn law black-box' using a micro-level modelling of industrial dynamics. We use this framework to study the nature and sources of growth rate divergence, focusing on the effect of some macro-economic parameters (income elasticities) and of some technological parameters (technological opportunities and absorptive capacities). If the results remain broadly in Kaldorian lines, this framework allows for more subtle considerations of growth rate divergence.
Document Type: 
Working Paper

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