Adaptive Capital, Information Depreciation and Schumpeterian Growth
Bibliographic Data
| ID | 9715989 |
|---|---|
| Authors | Robert Jones (0000-0002-6793-6503, Simon Fraser University), Geoffrey Newman (University of British Columbia) |
| Year | 1995 |
| Volume | 105 |
| Issue | 431 |
| Pages | 897 |
| Publication date | 1995-07-01 |
| Open Access | No |
| Type | ARTICLE |
| Venue | The Economic Journal (JOURNAL) |
| Journal identifiers | ISSN: 0013-0133 • E-ISSN: 1468-0297 |
| Publisher | Oxford University Press (OUP) (PUBLISHER) |
| DOI | 10.2307/2235157 |
| OpenAlex | W2071047552 |
| Language | EN |
| References cited | 14 |
This paper develops a search-theoretic approach to optimal growth where agents anticipate continuing technology advance. When agents require an adaptive search investment to `match with' any new technology, but when this learning is depreciated at the inception of the next, we show that an economy will sustain either an equilibrium with frequent advances, coupled with inefficient matching, or one with exactly the opposite characteristics. The cyclical implication is that the immediate effect of technology adoption is a downturn, not a boom. The model offers a broader representation of Schumpeterian creative destruction, while augmenting the human capital foundations of endogenous growth theory
Boom · Capital formation · Creative destruction · Depreciation (economics · Economics · Endogenous growth theory · Financial capital · Human capital · Investment (military · Macroeconomics · Market economy · Matching (statistics · Microeconomics · Neoclassical economics · Recession · Representation (politics · Economic Growth and Productivity · Economic Policies and Impacts · Economic theories and models · Engineering
The general theory of employment, interest, and money
Innovation and growth in the global economy
Making a Miracle
Threshold Externalities in Economic Development
Standardization, Compatibility, and Innovation
Growth and Unemployment
Business cycles
Economic Growth and Income Inequality
Capitalism, Socialism and Democracy
International Differences in the Distribution of Income
Increasing Returns and Long-Run Growth
Aggregate Demand Management in Search Equilibrium
The Explanation of the Business Cycle
Evolutionary Economics and Technology Policy
| Highly cited | No |
|---|