scholarly journals Investment specific technological progress and structural change

2010 ◽  
Vol 40 (4) ◽  
pp. 819-829 ◽  
Author(s):  
Ricardo Silva Azevedo Araujo ◽  
Joanílio Rodolpho Teixeira
Keyword(s):  
Economic Growth ◽  
Structural Change ◽  
Technical Progress ◽  
Technological Progress ◽  
Full Employment ◽  
Negative Effects ◽  
Macroeconomic Variables

In this paper we introduce investment specific technical progress into Pasinetti's model of structural change. Our aim is to assess the effects of embodied technical progress on economic growth and macroeconomic variables. Our findings suggest that despite the fact that this type of technical progress increases the productivity of capital, it has negative effects on conditions that promote full employment.

scholarly journals A multi-sectoral version of the Post-Keynesian growth model

2015 ◽  
Vol 45 (1) ◽  
pp. 127-152 ◽  
Author(s):  
Ricardo Azevedo Araujo ◽  
Joanílio Rodolpho Teixeira
Keyword(s):  
Economic Growth ◽  
Structural Change ◽  
Growth Model ◽  
Vertical Integration ◽  
Technological Progress ◽  
Natural Rate ◽  
Productivity Increase ◽  
Rate Of Profit ◽  
And Diffusion ◽  
Over Time

Abstract With this inquiry, we seek to develop a disaggregated version of the post-Keynesian approach to economic growth, by showing that indeed it can be treated as a particular case of the Pasinettian model of structural change and economic expansion. By relying upon vertical integration it becomes possible to carry out the analysis initiated by Kaldor (1956) and Robinson (1956, 1962), and followed by Dutt (1984), Rowthorn (1982) and later Bhaduri and Marglin (1990) in a multi-sectoral model in which demand and productivity increase at different paces in each sector. By adopting this approach it is possible to show that the structural economic dynamics is conditioned not only to patterns of evolving demand and diffusion of technological progress but also to the distributive features of the economy, which can give rise to different regimes of economic growth. Besides, we find it possible to determine the natural rate of profit that makes the mark-up rate to be constant over time.

scholarly journals Structural change and macrodynamic capabilities

Nova Economia ◽  
2011 ◽  
Vol 21 (3) ◽  
pp. 331-349 ◽  
Author(s):  
Ricardo Azevedo Araujo ◽  
Joanílio Rodolpho Teixeira
Keyword(s):  
Economic Growth ◽  
Structural Change ◽  
Technological Progress ◽  
Dynamic Approach ◽  
Economic Dynamic ◽  
Underdeveloped Countries ◽  
Evolutionary View ◽  
Rapid Diffusion

In this paper we study some mechanisms that block a rapid diffusion of technological progress from advanced to underdeveloped countries. In order to accomplish this task we focus on two approaches that challenge the view that technological gaps between rich and poor nations are diminishing. The first is the structural economic dynamic approach and the second is the evolutionary view. Both of them reveal that the elimination of technological gaps between rich and poor nations is more complex than what has been reported by the mainstream theory of economic growth.

scholarly journals On Budget Deficit under Economic Growth: Towards a Mathematical Model of MMT

2021 ◽  
Vol 10 (1) ◽  
pp. 36
Author(s):  
Yasuhito Tanaka
Keyword(s):  
Economic Growth ◽  
Mathematical Model ◽  
Population Growth ◽  
Mathematical Analysis ◽  
Technological Progress ◽  
Budget Deficit ◽  
Overlapping Generations ◽  
Full Employment ◽  
Monetary Theory ◽  
Olg Model

Recently, a school of thought called Modern Monetary Theory (MMT) has been attracting attention, but it has not received much theoretical or mathematical analysis. In this paper, we examine the theoretical validity of the MMT argument using an overlapping generations (OLG) model that includes economic growth due to population growth, and give a generally positive evaluation of MMT. The basic idea is that a certain level of continuous budget deficit is necessary to maintain full employment when the economy is growing, that inflation occurs when the budget deficit exceeds that level, that a recession occurs when the budget deficit falls below that level, and involuntary unemployment occurs. In order to recover from a recession, a budget deficit in excess of that level is required, and that deficit need not be covered by a future budget surplus. The same can be said for growth resulting from technological progress.

Structural Change and the Role of Demand

2021 ◽  
pp. 95-112
Author(s):  
Ricardo Azevedo Araujo ◽  
Joanílio Rodolpho Teixeira
Keyword(s):  
Economic Growth ◽  
Structural Change ◽  
Productivity Growth ◽  
Technological Progress ◽  
Structural Changes ◽  
Supply And Demand ◽  
Supply Side ◽  
Demand Side ◽  
Sector Model

Structural economic dynamics is an approach that provides insights into the process of structural change, offering a synthesis between traditional supply and demand views of economic growth, with the supply side characterized by technological progress and the demand side driven by the Engel’s law. However, adequately considering structural change requires a framework for more fully accounting for the role of demand, and not leaving it as merely exogenous. With this inquiry dimensions of endogenous patterns of demand are selectively embedded in a Pasinetti multi-sector model, thus rendering structural changes endogenous. This stream of research provides a more inclusive and comprehensive panorama of the role of demand for structural change, connecting the evolving patterns of the demand with productivity growth.

Technical Progress and Structural Change

2021 ◽  
pp. 347-377
Author(s):  
Alessandro Nuvolari ◽  
Emanuele Russo
Keyword(s):  
Economic Growth ◽  
Developing Countries ◽  
Structural Change ◽  
Technical Progress ◽  
Technological Systems ◽  
The Third ◽  
Long Run ◽  
Sectoral Differences ◽  
Industrial Revolutions

This chapter traces long term patterns of technological change. In particular, we connect the long run patterns of structural change to the emergence and consolidation of the technological systems of the First, Second and the Third Industrial Revolutions. There is a long-run shift from agriculture to industry and services. But this transformation is less rapid than previously thought. In this context, we also reassess the literature on industrialization as an engine of growth. Manufacturing is still important, but less powerful than in the past, with many developing countries facing premature deindustrialization. The chapter documents sectoral differences in patterns of innovation, connecting Pavitt-type classifications with structural change to link technological system with sectors. In this way, our study provides new insights into the links between technical progress, structural change and economic growth.

scholarly journals ANALYSIS OF THE NEGATIVE EFFECTS OF SCIENTIFIC AND TECHNICAL PROGRESS

2020 ◽  
Author(s):  
D.S. Serebryanaya ◽  
Keyword(s):  
Technical Progress ◽  
Knowledge Economy ◽  
Social Reproduction ◽  
Global Economy ◽  
Technological Progress ◽  
Negative Effects ◽  
Traditional Sense ◽  
Near Future

Scientific and technological progress in general and its manifestation: digitalization, automation and robotization can completely destroy labor as a factor of production in the very near future. This threatens the process of social reproduction with colossal deformations, which, in turn, are capable of pushing the global economy into an endless depression. Overcoming these threats creates new incentives for the development of the mechanisms of the "knowledge economy" and, in particular, for the formation, within the framework of the latter, of an effective functional alternative to work in the traditional sense.

Growing Russian Economy against Growing External Tension

2012 ◽  
pp. 4-32
Author(s):  
I. Borisova ◽  
B. Zamaraev ◽  
A. Kiyutsevskaya ◽  
A. Nazarova ◽  
E. Sukhanov
Keyword(s):  
Economic Growth ◽  
Stock Markets ◽  
Negative Effects ◽  
Russian Economy ◽  
Investment Demand ◽  
The World

Conditions and features of the Russian economy development in 2011 are considered in the article. Having caused unprecedented outflow of the capital abroad, rising tension and turbulence on the world financial and stock markets have not broken off recovery of the Russian economy. Crisis recession was overcome. Record-breaking low inflation, rapid credit restoration and active government adjustment neutralized negative effects of the external tension and supported economic growth, having encouraged consumer and investment demand.

EUROPEAN FISCAL RULES AS A LIABILITY IN THE TRANSATLANTIC TRADE CONFLICT: LESSONS FROM NiGEM SIMULATIONS

2020 ◽  
Vol 254 ◽  
pp. R54-R66 ◽  
Author(s):  
Sebastian Dullien ◽  
Sabine Stephan ◽  
Thomas Theobald
Keyword(s):  
Economic Growth ◽  
European Union ◽  
Fiscal Policy ◽  
Fiscal Rules ◽  
The European Union ◽  
Negative Effects ◽  
Transatlantic Trade ◽  
The Us ◽  
Trump Administration

Under the Trump administration, a transatlantic trade conflict has been escalating step by step. First, it was about tariffs on steel and aluminium, then about retaliation for the French digital tax, which is suspended until the end of the year. Most recently, the US administration threatened the European Union with tariffs on cars and car parts because of Canadian seafood being subject to lower import duties. As simulations with NiGEM show, a further escalation of the transatlantic trade conflict has the potential to slow down economic growth significantly in the countries involved. This is a considerable risk given the fact that the countries have to cope with the enormous negative effects of the pandemic shock. Furthermore, the damage caused by the trade conflict depends on the extent to which the affected countries use fiscal policy to stabilise their economies.

scholarly journals Robots as intelligent assistants to face COVID-19 pandemic

2020 ◽  
Author(s):  
Valeria Seidita ◽  
Francesco Lanza ◽  
Arianna Pipitone ◽  
Antonio Chella
Keyword(s):  
Technological Progress ◽  
World Economy ◽  
The State ◽  
Research Groups ◽  
Negative Effects ◽  
The World ◽  
Intelligent Assistants

Abstract Motivation The epidemic at the beginning of this year, due to a new virus in the coronavirus family, is causing many deaths and is bringing the world economy to its knees. Moreover, situations of this kind are historically cyclical. The symptoms and treatment of infected patients are, for better or worse even for new viruses, always the same: more or less severe flu symptoms, isolation and full hygiene. By now man has learned how to manage epidemic situations, but deaths and negative effects continue to occur. What about technology? What effect has the actual technological progress we have achieved? In this review, we wonder about the role of robotics in the fight against COVID. It presents the analysis of scientific articles, industrial initiatives and project calls for applications from March to now highlighting how much robotics was ready to face this situation, what is expected from robots and what remains to do. Results The analysis was made by focusing on what research groups offer as a means of support for therapies and prevention actions. We then reported some remarks on what we think is the state of maturity of robotics in dealing with situations like COVID-19.

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