Schumpeter, Innovation and Growth: Long-cycle Dynamics in the Post-WWII American Manufacturing Industries
Bringing together contemporary innovation pattern theories inspired by the two original patterns developed by Joseph A. Schumpeter, this text develops a model of long wave aggregate level economic activity. This model is rigorously tested with post-war US manufacturing data, revealing an intriguing correlation between the data and the model. The author examines different theories of technological change, and provides a detailed account of the long wave which seeks to make use of the relevant aspects of these theories, without betraying their main features and messages. These theories are synthesized and shown to be consistent with the development of post-war US manufacturing. Shedding light on the dynamics of the technological advances that took place in the last 20 years of the 20th century, economists and students alike should find this volume of interest.
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