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- W1529804262 abstract "The communication of ideas fosters technological progress and prevents regress. This paper develops a growth model wherein an economy's technology is endogenous to agents' communication decisions. In equilibrium, there is too little communication and insufficient risk-taking relative to the first best. The model can generate an abrupt take-off of output growth without an exogenous catastrophe. A numerical example illustrates such a take-off. In that example, the endogenous fall in the cost of communication leads to the acceleration of the growth rate of output by facilitating the transmission of knowledge and by encouraging risk-taking." @default.
- W1529804262 created "2016-06-24" @default.
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- W1529804262 date "2010-01-04" @default.
- W1529804262 modified "2023-09-24" @default.
- W1529804262 title "Communication, Innovation, and Growth" @default.
- W1529804262 doi "https://doi.org/10.2202/1935-1690.1922" @default.
- W1529804262 hasPublicationYear "2010" @default.
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