The aim of this paper is to account for both the short-run fluctuations and the very-long run transformations induced by technological change in analysing long-run growth patterns. The paper investigates the possible imprint left by short-run fluctuations on the long run dynamics by affecting...

This paper studies two formal models of long run growth with a medium-run distributive cycle, both of which feature causal links from the rise in inequality to a deterioration of long run macroeconomic performance. Both versions feature an endogenous income-capital ratio: one through the...

The present paper emphasizes the role of demand, income distribution, endogenous productivity reactions, and other structural changes in the slowdown of the growth rate of output and productivity that has been observed in the United States over the last four decades. In particular, it is...

The paper develops a growth model with evolutionary microfounded structural change. The model endogenises both technical change and changes in final and intermediate demand as affecting macro-economic growth, through the structural change of the economy. The aim is to formally account for the...

The present paper emphasizes the role of demand, income distribution, endogenous productivity reactions, and other structural changes in the slowdown of the growth rate of output and productivity that has been observed in the United States over the last four decades. In particular, it is...

We study the relation between variety, market concentration, and economic growth, along different phases of economic development which entail a number of changes to the structure of production and consumption in the economy. We focus on three aspects of structural change, which are connected and...

Why is GDP so much more volatile in poor countries than in rich ones? To answer this question, we propose a theory of technological diversification. Production makes use of different input varieties, which are subject to imperfectly correlated shocks. As in endogenous growth models,...

We analyze recent contributions to growth theory based on the model of expanding variety of Romer [Romer, P. (1990). “Endogenous technological change”. Journal of Political Economy 98, 71–102]. In the first part, we present different versions of the benchmark linear model with imperfect...

The endogenous dynamics of a closed constant returns multi-market economy are examined in which agents face downward sloping demand. The trigger for growth in this model is a technological change that warrants costly adjustment in input quantities by agents. In the resulting dynamic game,...

This paper studies two formal models of long run growth with a medium-run distributive cycle, both of which feature causal links from the rise in inequality to a deterioration of long run macroeconomic performance. Both versions feature an endogenous income-capital ratio: one through the...