Schumpeter's circular flow,learning by doing and cyclical growth |
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Authors: | Alfred Greiner Horst Hanusch |
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Institution: | (1) University of Augsburg, Memminger Strasse 14, D-86135 Augsburg, Germany |
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Abstract: | A two-sector growth model with endogenous technical change is presented. Concerning technical change, we assume that it is reflected by increases in the stock of human capital which are acquired through learning by doing. As a result, it turns out that transitory or, using the Hopf bifurcation theorem, persistent oscillations of the economic variables may be the outcome. Thus we are able to show that learning mechanisms alone may be sufficient to destroy the circular flow as described by Schumpeter. |
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Keywords: | Circular flow Endogenous cycles Human capital |
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