Growing Through Cycles
Growing Through Cycles
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循环发展
DOI：
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发表时间：
1999
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通讯作者：
Kiminori Matsuyama
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文献类型：
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作者：
Kiminori Matsuyama
本文将新古典增长模型和新熊彼特增长模型放在一个统一的框架中。在这样做时，有人认为，这两种增长观，一种基于要素积累，另一种基于创新，是相辅相成的，因为它们可以反映单一增长经历的不同阶段。在这里提出的模型中，经济通过周期实现可持续增长，在经验上合理的条件下，在两个阶段之间不断来回移动。一个阶段的特点是产出增长率较高，投资增加，没有创新，市场结构竞争激烈。其他阶段的特点是产出增长较低，投资较低，创新程度高，市场结构垄断性更强。投资和创新都是无限期维持增长的关键，但在每个阶段似乎只有一个发挥主导作用。
This paper puts the neoclassical and neo-Schumpetarian growth models in a unified framework. In doing so, it is argued that these two views of growth, one based on factor accumulation and the other based on innovation, are complementary in that they may capture different phases of a single growth experience. In the models presented here, the economy achieves sustainable growth through cycles, perpetually moving back and forth between two phases, under an empirically plausible condition. One phase is characterized by higher output growth, higher investment, no innovation and a competitive market structure. The other phases is characterized by lower output growth, lower investment, high innovation, and a more monopolistic market structure. Both investment and innovation are essential in sustaining growth indefinitely, and yet only one of them appears to play a domimant role in each phase.