HAL will be down for maintenance from Friday, June 10 at 4pm through Monday, June 13 at 9am. More information
Skip to Main content Skip to Navigation
Journal articles

Time to build and out-of-equilibrium growth process

Abstract : This paper proposes an analytical approach to growth modelling that focuses on the temporal and hence the organizational dimension of real production processes, rather than making use of a production function, which is a pure technical relationship. This approach takes advantage of the breakthroughs in economic theory by Georgescu-Roegen and Hicks. The step-by-step analysis of production in time proposed by Georgescu-Roegen has brought into light the idleness of capital equipment and of human resources as the main obstacle to growth, and given a robust basis to Smith's growth theory according to which the articulation between the division of labor and the extent of market is the main engine of growth. The analysis of the time dimension of production processes proposed by Hicks that focuses on the distinction between construction and utilization phases has opened the way for a comprehensive analysis of the type of disturbances – unemployment and productivity slowdown – which arise along an out-of-equilibrium growth path. These contributions provide the basis for the analysis of qualitative change as a learning process, whose evolution is not predetermined but depends on what happens along the way, that is, on the recurrent distortions in the structure of productive capacity due to co-ordination failures.
Document type :
Journal articles
Complete list of metadata

https://hal-sciencespo.archives-ouvertes.fr/hal-03460285
Contributor : Spire Sciences Po Institutional Repository Connect in order to contact the contributor
Submitted on : Wednesday, December 1, 2021 - 5:48:47 AM
Last modification on : Friday, April 29, 2022 - 3:17:44 AM

File

2014-amandola-gaffard-time-to-...
Files produced by the author(s)

Identifiers

Collections

Citation

Mario Amendola, Jean-Luc Gaffard. Time to build and out-of-equilibrium growth process. Structural Change and Economic Dynamics, Elsevier, 2014, 29 (29), pp.19 - 27. ⟨10.1016/j.strueco.2013.01.003⟩. ⟨hal-03460285⟩

Share

Metrics

Record views

112

Files downloads

4