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Schumpeter's circular flow, learning by doing and cyclical growth (1994)

Greiner, Alfred ; Hanusch, Horst

Springer

Journal of evolutionary economics 4 (1994), S. 261-271

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ISSN: 1432-1386

Keywords: Circular flow ; Endogenous cycles ; Human capital ; 041 ; 030

Source: Springer Online Journal Archives 1860-2000

Topics: Economics

Notes: Abstract A two-sector growth model with endogenous technical change is presented. Concerning technical change, we assume that it is reflected by increases in the stock of human capital which are acquired through learning by doing. As a result, it turns out that transitory or, using the Hopf bifurcation theorem, persistent oscillations of the economic variables may be the outcome. Thus we are able to show that learning mechanisms alone may be sufficient to destroy the circular flow as described by Schumpeter.

Type of Medium: Electronic Resource

URL: http://dx.doi.org/10.1007/BF01236372

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