Growth in stages |
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| Institution: | 1. Department of Psychiatry, McGill University, Montréal, QC, Canada;2. Attention, Behavior and Sleep Laboratory, Research Centre of the Douglas Mental Health University Institute, Montréal, QC, Canada;3. Riverside School Board, Saint-Hubert, QC, Canada;1. Sleep Research Institute, Madrid, Spain;2. Center for Sleep Medicine and Department of Neurology, Mayo Clinic College of Medicine, Rochester, MN, USA;3. Harvard Medical School, Boston, MA, USA;4. Departments of Psychiatry and Neurology, Massachusetts General Hospital, Boston, MA, USA;5. Department of Neurology, Innsbruck Medical University, Innsbruck, Austria;6. Departments of Clinical Pharmacy and Neurology, University of Colorado Skaggs School of Pharmacy and Pharmaceutical Sciences and School of Medicine, Aurora, CO, USA;7. Stanford University School of Medicine, Stanford, CA, USA;8. Private Practice, Downey, CA, USA;9. Department of Neurology, University Hospital of Larissa, Faculty of Medicine, School of Health Sciences, University of Thessaly, Larissa, Greece;10. Japan Somnology Center, Neuropsychiatric Research Institute, Tokyo, Japan;11. Department of Somnology, Tokyo Medical University, Tokyo, Japan;12. Sleep and Epilepsy Center, Neurocenter of Southern Switzerland, Civic Hospital, Lugano, Switzerland;13. Department of Neurology, Philipps-Universität Marburg, Marburg, Germany;14. Department of Neurology, Methodist Neuroscience Institute, Houston, TX, USA;15. Helmholtz Zentrum München, Institute of Neurogenomics, Munich, Germany;p. Department of Neurology, Klinikum rechts der Isar, Technical University, Munich, Germany;q. Munich Cluster for Systems Neurology (SyNergy), Munich, Germany;r. Sleep Disorders Center, Johns Hopkins Bayview Medical Center, Baltimore, MD, USA;s. Department of Neurology, Johns Hopkins University, Baltimore, MD, USA;1. Assistant Professor in Economics, Birla Institute of Technology and Science (BITS), Pilani, Jhunjhunu, Rajasthan, India;2. Doctoral Scholar in Economics, Birla Institute of Technology and Science (BITS), Pilani, Jhunjhunu, Rajasthan, India;1. College of Economics and Management, Southwest University, Chongqing 400715, China;2. School of Business, East China University of Science and Technology, Shanghai 200237, China;3. Research Institute of Financial Engineering, East China University of Science and Technology, Shanghai 200237, China;4. Department of Biological Science, Missouri University of Science and Technology, Rolla, MO 65409, USA |
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| Abstract: | Existing North–South growth models generally ignore the possibility that the South becomes an innovating high-wage country. The present paper presents an analytically tractable North–South growth model in which the North innovates all the time, while the South is at first engaged in imitation and potentially starts to innovate too, later on. Three interesting results emerge from the analysis. First, a perfect foresight growth equilibrium may fail to exist. Second, there may be global indeterminacy in that both convergence to the steady state of the regime with imitation in the South and switching to the regime with innovation in the South represent perfect foresight equilibria. Third, technology policies in the South may have hysteresis effects: a temporary policy may lead the South permanently from imitation-driven to innovation-driven growth. |
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