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- W2088257410 abstract "Abstract This paper builds a dynamic multisectoral general equilibrium model of Schumpeterian growth and fluctuations based on the endogenous introduction of new products. The set of technological opportunities determines the degree of product- quality upgrading and consists of breakthroughs and improvements the latter exhibiting diminishing returns. If the degree of diminishing returns to technological improvements is low, then there is no steady-state equilibrium but cycles of breakthroughs and improvements. We analyze two symmetric stable patterns of innovation which generate endogenous cycles and growth. There is a negative correlation between the duration of each cycle and the long-run growth trend." @default.
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- W2088257410 date "1996-05-01" @default.
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- W2088257410 title "A multisectoral general equilibrium model of Schumpeterian growth and fluctuations" @default.
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- W2088257410 doi "https://doi.org/10.1016/0165-1889(95)00881-0" @default.
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