Reference : On the long-run evolution of technological knowledge
Scientific journals : Article
Business & economic sciences : Macroeconomics & monetary economics
http://hdl.handle.net/10993/12267
On the long-run evolution of technological knowledge
English
Hakenes, Hendrik [> >]
Irmen, Andreas mailto [University of Luxembourg > Faculty of Law, Economics and Finance (FDEF) > Center for Research in Economic Analysis (CREA)]
2007
Economic Theory
30
1
171-180
Yes
International
[en] Endogenous technological change; Malthus; Long-run growth ; Malthus ; Long-run Growth
[en] This paper revisits the debate about the appropriate differential equation that governs the evolution of knowledge in models of endogenous growth. We argue that the assessment of the appropriateness of an equation of motion should not only be based on its implications for the future, but that it should also include its implications for the past. We maintain that the evolution of knowledge is plausible if it satisfies two asymptotic conditions: Looking forwards, infinite knowledge in finite time should be excluded, and looking backwards, knowledge should vanish towards the beginning of time (but not before). Our key results show that, generically, the behavior of the processes under scrutiny is either plausible in the future and implausible in the past or vice versa, or implausible at both ends of the time line.<P>(This abstract was borrowed from another version of this item.)
Researchers ; Students
http://hdl.handle.net/10993/12267
http://ideas.repec.org/a/spr/joecth/v30y2007i1p171-180.html

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