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Investigación económica

Print version ISSN 0185-1667

Inv. Econ vol.62 n.242 Ciudad de México Oct./Dec. 2002

 

Artículos

Innovation and investment in capitalist economies 1870-2000: kaleckian dynamics and evolutionary life cycles

Inovación e inversión en las economías capitalistas de 1870-2000: dinámica kaleckiana y evolución de los ciclos de vida

Jerry Courvisanos* 

Bart Verspagen** 

* School of Economics, University of Tasmania, Locked Bag 1-315, Launceston, Tasmania, 7250 Australia, Facsimile 03-6324 3369, e-mail: Jerry.Courvisanos@utas.edu.au

** ECIS - Eindhoven Centre for Innovation Studies, Eindhoven University of Technology, PO Box 513, 5600 MB Eindhoven, The Netherlands.


Abstract

A Kaleckian-based investment cycle model is set up with the double-sided profit and investment relationship, upon which is added the innovation industry life-cycle processes that provide the stimulus for investment. By threading together evolutionary life cycle of industry development through innovative processes with Kaleckian extended reproduction through volatility of the investment process, the instability of cycles and their trend growth can be iden tified. Data on five OECD countries for 1870-2000 are examined on patents (in­ novation), GDP and investment to understand these dynamic processes. This empirical evidence indicates the need to re-examine the way strategies are formed and developed in both the private and public sectors for more effective appropriation of innovation into the investment planning process.

Resumen

En este trabajo se estudia el modelo kaleckiano del ciclo de la inversión que toma en cuenta el doble efecto de la inversión; sobre los beneficios y sobre la misma inversión. A estos determinantes se agregan los procesos del ciclo vital de la innovación industrial que proporcionan el estímulo para la inversión. En lazando el ciclo vital evolutivo del desarrollo industrial con procesos innovado res, con la reproducción ampliada kaleckiana a través de los procesos de volati lidad de la inversión, pueden identificarse la inestabilidad de los ciclos y su ten dencia creciente. Se examinan los datos de cinco países de la OCDE para 1870- 2000 en las patentes (innovación), el GDP y la inversión para entender estos pro cesos dinámicos. Esta evidencia empírica indica la necesidad de reexaminar la manera en que las estrategias se forman y se desarrollan en los sectores públicos y privados para una apropiación más eficaz de la innovación en el proceso de planeamiento de la inversión.

JEL Classification: E22, F21, N1, O12

Full text available only in PDF format

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Received: July 2002; Accepted: August 2002

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