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| Author: | Mulder, P. Groo, H.L.F. de Hofkes, M. W. |
| Title: | Economic growth and technological change: A comparison of insights from a neo-classical and an evolutionary perspective |
| Journal: | Technological Forecasting and Social Change
2001 : OCT, VOL. 68:2, p. 151-171 |
| Index terms: | ECONOMIC GROWTH TECHNOLOGICAL CHANGE NEO-CLASSICAL ECONOMICS EVOLUTIONARY ECONOMICS |
| Language: | eng |
| Abstract: | Over the last two decades, dissatisfaction with the traditional Solow-Swan model of economic growth resulted in two new classes of models of economic growth and technological change: neo-classical endogenous growth models, and evolutionary growth models. In this paper the authors discuss the insights from both the neo-classical and the evolutionary perspectives. It is argued that in evolutionary models technological and behavioral diversity, uncertainty, path dependency, and irreversibility are elaborated in a more sophisticated and explicit way than in neo-classical growth models. |
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