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| Author: | Chen, B. Shimomura, K. |
| Title: | Self-fulfilling expectations and economic growth: a model of technology adoption and industrialization |
| Journal: | International Economic Review
1998 : FEB, VOL. 39:1, p. 151-170 |
| Index terms: | ECONOMICS MODELS TECHNOLOGY |
| Language: | eng |
| Abstract: | In this work the authors construct a model that integrates both industrialization and endogenous growth. The authors feature the role os technology adoption in sustaining growth and achieving industrialization. Economy contains multiple equilibria for an initial history. The authors found that only self-fulfilling expectations matter in selecting an equilibrium, whereas history plays no role. The authors' equilibrium is shown to involve a threshold property: when the economy starts above this threshold, the economy is able to sustain growth. |
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