Bambi, Mauro; Gozzi, Fausto; Licandro, Omar - In: Journal of Economic Theory 154 (2014) C, pp. 68-111
This paper argues that observed long lags in innovation implementation rationalize Schumpeter's statement that “wave-like fluctuations in business ... are the form economic development takes in the era of capitalism.” Adding implementation delays to an otherwise standard endogenous growth...