Abstract
This paper analyses how a General Purpose Technology (GPT) diffuses throughout the various sectors of an economy. The model outlined in this paper can account for a number of empirical observations: in particular, the existence of delays followed by acceleration phases in the experimentation and implementation of a new GPT, and the occurrence of productivity slow-downs and wage inequality increases during the acceleration phase of the logistic diffusion curve.
Special thanks are due to Paul David, for very helpful discussions.
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© 2000 Springer Science+Business Media Dordrecht
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Aghion, P., Howitt, P. (2000). On the Macroeconomic Effects of Major Technological Change. In: The Economics and Econometrics of Innovation. Springer, Boston, MA. https://doi.org/10.1007/978-1-4757-3194-1_2
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DOI: https://doi.org/10.1007/978-1-4757-3194-1_2
Publisher Name: Springer, Boston, MA
Print ISBN: 978-1-4419-4971-4
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