ISSN:
1432-1386
Keywords:
Key words: Evolutionary theory
;
Endogeneous growth
;
Human capital
;
Innovation
;
Diffusion
;
Learning
;
Artificial intelligence
;
Microsimulation
;
JEL-classification: D21; D83; J24; O12; O15; O31
Source:
Springer Online Journal Archives 1860-2000
Topics:
Economics
Notes:
Abstract. We analyze the co-evolution of the performances of firms and of the economy in an evolutionary micro-to-macro model of the Swedish economy. The model emphasizes the interactions between human capital (or competences) and technological change at the firm level and their effects on aggregate growth, taking into account the micro-macro feedbacks. The model features learning-by-doing, incremental and radical innovations, user-producer learning at the firm level, and a change in the techno-economic paradigm. We find that there is an optimal sequence for the firm to allocate their resources: (1) build a general human capital stock before the change in the techno-economic paradigm, (2) spend on R&D, and (3) invest in specific human capital. Innovators fare better than imitators on average, not only because they innovate, but also because they build a competence base, which supports the learning from other firms.
Type of Medium:
Electronic Resource
URL:
http://dx.doi.org/10.1007/s001910050052
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