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Central European Economic Journal
Volume 6 (2019): Issue 53 (January 2019)
Open Access
A theory of global economic growth in the very long-run: is a grand innovation slowdown inevitable?
Stanislaw Gomulka
Stanislaw Gomulka
| Jun 06, 2020
Central European Economic Journal
Volume 6 (2019): Issue 53 (January 2019)
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Published Online:
Jun 06, 2020
Page range:
175 - 188
DOI:
https://doi.org/10.2478/ceej-2019-0009
Keywords
Endogenous growth theory
,
Phelps
,
Hat-shaped relationship
,
Long-term global growth slowdown
,
Key growth trends
,
Key growth stylized facts
© 2019 Stanislaw Gomulka, published by Sciendo
This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.
Fig. 1
The Distribution of the total working population N and R with respect to inventive ability v.
Fig. 2
The target and actual innovation rates over time in the TFA. The dates and magnitudes are chosen for illustrative purposes.
The values of λ as implied by (25), given αTR*\alpha .{TR}^* , n1, and R/N, and assuming that a =0. 2 and n = 0.7 per cent
α
TR
*
(
%
)
\alpha _{TR}^*\,(\%)
n
1
(%)
λ
R/N
= 0.01
R/N
= 0.02
R/N
= 0.03
R/N
= 0.04
R/N
= 0.05
1
4
1.02
1.04
1.06
1.09
1.13
6
1.02
1.04
1.07
1.11
1.15
8
1.02
1.04
1.07
1.12
1.19
2
4
1.01
1.03
1.05
1.06
1.08
6
1.01
1.03
1.05
1.07
1.08
8
1.01
1.03
1.05
1.07
1.10
3
4
1.01
1.02
1.04
1.05
1.07
6
1.01
1.02
1.04
1.06
1.08
8
1.01
1.02
1.04
1.06
1.09