Chaotic Industrial Revolution Cycles and Intellectual Property Protection in an Endogenous-Exogenous Growth Model

著者
Makoto Yano and Yuichi Furukawa
シリーズ
MQ Discussion Series
DP番号
2013-011
公開年月
November, 2013
言語
英語
URL
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Summary

Many people argue that there have been three industrial revolutions over the last two hundred …fifty years. At the same time, as Kondratieff shows, a period of deep stagnation have emerged in every …fifty to sixty years, followed by that of active innovation. This study demonstrates that industrial revolution cycles and shorter Kondratieff-like long waves coexist along a single equilibrium path in an endogenous-exogenous growth model, in which an equilibrium system is ergodic chaos. This result explains industrial revolution cycles as a consequence of free entry, institutional intellectual property protection, and the interaction between endogenous and exogenous growth factors.

 
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