Growing in Short and Long Waves: Schumpeter
Growing in Short and Long Waves: Schumpeter
Combines long and short waves of innovation. A model is constructed in which demand effects enhance an innovation logistic: innovation is preceded by investment, which stimulates demand, in turn facilitating the spread of the innovation. Each innovative burst produces a wave of output growth. A major innovation (e.g. steam, electricity) with a 50‐year logistic can distort an underlying 8‐year economic cycle, producing a great boom followed by a bust. A limitation of the model is that each wave returns to its initial level. A continuous time model with a growth cycle (and a Rössler attractor) overcomes this limitation.
Keywords: cycles, demand, innovation, investment, Joseph, Kondratiev, long wave theory, output, Rössler attractor, Schumpeter
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