2009,01 : Evolutionary micro-founded technical change and the Kaldor-Verdoorn Law : estimates from an artificial world

Lorentz, André

This paper proposes to identify the micro-level sources for the dynamic increasing returns occurring at an aggregate level. The paper reverts to a micro model of technological change in-line with the evolutionary literature on industrial dynamics. The data generated through numerical simulations are used to identify the sources of increasing returns as measured by the Kaldor-Verdoorn Law. In this respect we also aim to provide some plausible micro-foundations to this Law. The paper shows that: (i) Dynamic increasing returns appear as an emergent property of the model; (ii) micro-characteristics of technical change, as the amplitude and the frequency of changes, as well as selection mechanisms significantly shape these increasing returns. -- Dynamic increasing returns ; Kaldor-Verdoorn Law ; technical change ; evolutionary modelling

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Lorentz, André: 2009,01. Evolutionary micro-founded technical change and the Kaldor-Verdoorn Law : estimates from an artificial world. 2010.

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