Entrepreneurs, Growth and Cycles
Bibliographic Data
| ID | 9720865 |
|---|---|
| Authors | Louis Corriveau (corresponding author) |
| Year | 1994 |
| Volume | 61 |
| Issue | 241 |
| Pages | 1 |
| Publication date | 1994-02-01 |
| Peer Reviewed | Yes |
| Open Access | No |
| Type | ARTICLE |
| Venue | Economica (JOURNAL) |
| Journal identifiers | ISSN: 0013-0427 • E-ISSN: 1468-0335 |
| Publisher | JSTOR (PUBLISHER) |
| DOI | 10.2307/2555046 |
| OpenAlex | W2035595663 |
| Language | EN |
| Citations received | 3 |
| References cited | 8 |
I expound a model of a one-good economy where long-run growth and output fluctuations are endogenous consequences of the decisions taken by entrepreneurs on the allocation of their resources between production and innovation in a Markovian sequence of one-period games. I show, first, that the log of output follows a process with random walk characteristics; second, that, contrarywise to the mechanism at work in Real Business Cycle models, the variability in the rate of productivity growth does not imply, by itself, the occurrence of any recession; third, that a recession is the consequence not of a Kydland-Prescott (1982) negative shock on technology, but of the reallocation of factors in the face of an 'increased opportunity' ex ante which the entrepreneurs fail to exploit ex post; fourth, and finally, that, although any generation could make itself unilaterally better off by reducing its level of research, the onegood economy is intertemporally efficient in that such a move would imply a reduction in the level of welfare of future generations
Business cycle · Economics · Endogenous growth theory · Ex-ante · Exploit · Human capital · Macroeconomics · Market economy · Microeconomics · Production (economics) · Productivity · Recession · Shock (circulatory) · Welfare · Work (physics) · Economic Growth and Productivity · Economic theories and models · Monetary Policy and Economic Impact
Are Output Fluctuations Transitory?
Time to Build and Aggregate Fluctuations
The Great Crash, the Oil Price Shock, and the Unit Root Hypothesis
Real Business Cycles
Increasing Returns and Long-Run Growth
How Big Is the Random Walk in GNP
Industrial Structure and the Nature of Innovative Activity
Understanding Real Business Cycles
| Unique citing works | 3 |
|---|---|
| Citations per year | 0,12 |
| Citation span | 2000 - 2025 (26) |
| Citation velocity | recent |
| Highly cited | No |
| Citation types | Neutral: 2 |