Adaptive economic growth

Metcalfe, J. Stan, Foster, John and Ramlogan, Ronnie (2006) Adaptive economic growth. Cambridge Journal of Economics, 30 1: 7-32. doi:10.1093/cje/bei055

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Author Metcalfe, J. Stan
Foster, John
Ramlogan, Ronnie
Title Adaptive economic growth
Journal name Cambridge Journal of Economics   Check publisher's open access policy
ISSN 0309-166X
1464-3545
Publication date 2006
Sub-type Article (original research)
DOI 10.1093/cje/bei055
Volume 30
Issue 1
Start page 7
End page 32
Total pages 26
Editor A. Newton
Place of publication Oxford, United Kingdom
Publisher Oxford University Press
Collection year 2006
Language eng
Subject C1
340213 Economic Development and Growth
720205 Industry costs and structure
729901 Technological and organisational innovation
Abstract This paper develops an evolutionary theory of adaptive growth, understood as a product of structural change and economic self-transformation, based upon processes that are closely connected with but not reducible to the growth of knowledge. The dominant connecting theme is enterprise, the innovative variations it generates and the multiple connections between investment, innovation, demand and structural transformation in the market process. The paper explores the dependence of macroeconomic productivity growth on the diversity of technical progress functions and income elasticities of demand at the industry level, and the resolution of this diversity into patterns of economic change through market processes. It is shown how industry growth rates are constrained by higher-order processes of emergence that convert an ensemble of industry growth rates into an aggregate rate of growth. The growth of productivity, output and employment are determined mutually and endogenously, and their values depend on the variation in the primary causal influences in the system.
Keyword Economics
Evolution And Growth
Technical Progress
Structural Change
Increasing Returns
Q-Index Code C1
Q-Index Status Provisional Code
Institutional Status UQ

Document type: Journal Article
Sub-type: Article (original research)
Collections: Excellence in Research Australia (ERA) - Collection
2007 Higher Education Research Data Collection
School of Economics Publications
 
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Created: Wed, 15 Aug 2007, 10:40:31 EST