Autore:
Antonelli, Cristiano Titolo:
The foundations of a slow growth economy: globalization and induced technological change towards a knowledge economyPeriodico:
Università degli Studi di Torino. Dip. Di Economia e Statistica Cognetti de Martiis LEI & BRICK - Lab. Di economia dell'innovazione 'Franco Momigliano', Bureau of Research in Innovation, Complexity and Knowledge, Collegio Carlo Alberto. WP seriesAnno:
2012 - Volume:
1 - Fascicolo:
4 - Pagina iniziale:
1 - Pagina finale:
26The slow growth of advanced economies since the late 90s is interpreted as the transient and apparent consequence of the discontinuity engendered by the sequence of institutional, technological and structural changes towards a knowledge intensive economy. The origins of such discontinuity can be grasped with an interpretative frame based upon the grafting of the localized technological change approach on the Heckesher-Ohlin model of international trade. This approach enables to identify the gale of information and communication technologies as the result of the efforts to cope with the institutional changes and their effects in terms of a strong
bias towards knowledge intensive activities and the decline role of capital in
advanced economies. The identification of the bias in technological change provides
the tools to understand the determinants of the rapid transformation of the economic
and social structure of the advanced economies more and more centered on the
intensive use of knowledge as a production factor. The bias accounts for the apparent
and transient decline of the rates of growth of output and labor productivity. This
interpretative framework enables to grasp the foundations of regime shift in the
growth of advanced economies and helps to spell out the significant risks of the
dangerous transition to a knowledge economy
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