The model we propose in this paper is an extension of the one described in Freeman et al. [Freeman, S., Hong, D. and Peled, D. (1999) Endogenous Cycles and Growth with Indivisible Technological Developments. Review of Economics Dynamics, 2, 403-432]. In our model, we incorporate the process of...

An outstanding fact of capitalist change in the last few centuries is the ongoing emergence of new consumption alternatives which accompany income and productivity growth in expanding economies. Far from satiating consumers, exponential economic growth seems to stimulate human desires by...