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Punctuated Equilibrium and Power Law in Economic Dynamics
Punctuated Equilibrium Power Law Economic Dynamics
2011/1/4
An interesting toy model has recently been proposed on Schumpeterian economic dynamics by Thurner {\it et al.} following the idea of economist Joseph Schumpeter. Punctuated equilibrium dynamics is sho...
The correctness of Harrods model in the differential form is studied. The inadequacy of exponential growth of economy is shown; an alternative result is obtained. By example of Phillips model, an app...
Schumpeterian economic dynamics as a quantifiable minimum model of evolution
economic growth evolution dynamics technological innovation
2010/11/2
We propose a simple quantitative model of Schumpeterian economic dynamics.New goods and services are endogenously produced through combinations of existing goods. As soon as new goods enter the market...