Technological Change and Network Effects in Growth Regimes: Exploring the Microfoundations of Economic Growth

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  • Edition: 1st
  • Format: Hardcover
  • Copyright: 2013-02-07
  • Publisher: Routledge

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The financial crisis of 2008 has posed a challenge to traditional macroeconomics, which has had severe troubles in producing relevant insights. Part of this problem is the inability of the theoretical models to keep up with changes in the methodological framework. This new volume from Torstein Heinrich offers a hugely innovative approach, starting with a microeconomics explanation in order to explain heterogeneous sectoral dynamics on the meso level, and aggregating these to macroeconomic observed growth rates. He contests that network effects are much more prevalent in economic systems that usually assumed, arguing for their inclusion into models of economic development and growth. This model is developed in the context of the major economic growth theories, most importantly, the neoclassical Solow-Swan approach, the newer neoclassical theories of endogenous growth, several Marxian, environmentalist, and Schumpeterian objections, various models of growth cycles, and evolutionary growth theory. While this body of literature offers many ways to reproduce the observed superlinear long-run growth trend, the theoretical reasons for growth cycles remain subject to considerable debate. This important new volume will be of huge relevance to all those with an interest in theoretical economics, growth theory, innovation economics, agent based modelling and industry dynamics.

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