(Monday, 31st May 2010)
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Long run growth is characterised by complementary changes in the structure of the economy on both the supply and the demand side, such as the organisation, technology and sectoral composition of production, income distribution and consumption behaviour, and culture and institutions. In turn, these changes define the path of economic growth. We briefly overview the main empirical and theoretical aspects of the long run changes that have characterised the pattern of now industrialised economies. We show an example of how we can model these complex complementarities as an outcome of the interactions between economic agents using computational techniques, and discuss some theoretical results.
Bibliographical references :
Tommaso Ciarli & André Lorentz (2010). "Product Variety and Changes in Consumption Patterns: The Effects of Structural Change on Growth", Max Planck Institute of Economics, unpublished paper.
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Klaus Desmet & Stephen L. Parente (2009). "The Evolution of Markets and the Revolution of Industry: A Quantitative Model of England's Development, 1300-2000", CEPR Discussion Paper no. 7290. London, Centre for Economic Policy Research
[also available at http://repec.imdea.org/pdf/imdea-wp2009-06.pdf]
David Colander, Peter Howitt, Alan Kirman, Axel Leijonhufvud, & Perry Mehrling (2008) "Beyond DSGE models: toward an empirically based macroeconomics", American Economic Review 98(2), 236-240
[Also available as WP at http://sandcat.middlebury.edu/econ/repec/mdl/ancoec/0808.pdf]
