Technological Waves and Economic Growth - Sweden in an International Perspective 1850-2005

Research output: Working paper

Abstract

This paper presents a model of long waves and an empirical analysis of Swedish growth
since 1850. The model emphasises the creation of new complementarities around macro
innovations. The growth process is periodised in two main parts. The first period is
characterised by transformation when development is uneven and unbalanced. The second
period is characterised by rationalisation when the economy is made more homogenous with
growth accelerating in a wider context. With a Swedish Schumpeterian concept the
complementarities around innovations form development blocks at the centre of the growth
process. The process of innovation, diffusion and structural change is analysed. In periods of
more rapid transformation, regions and nations react differently. Diffusion is more rapid to
regions and nations favoured by new demands – due to their resource endowments, their
institutional characteristics and their social capability. Over time however competencies,
infrastructures and institutions will be more generally adapted to the new complementarities.
Hence the development blocks will be more widely diffused. In that diffusion process, the
favourable position of the leaders is undermined while laggards will improve their position.
Diminishing returns will however shift profitability between established and emerging
complementarities that pave the way for crisis and new structural transformation

Details

Authors
  • Lennart Schön
Research areas and keywords

Subject classification (UKÄ) – MANDATORY

  • Economic History
  • Social Sciences Interdisciplinary

Keywords

  • Long waves, economic growth, innovation
Original languageEnglish
PublisherCIRCLE, Lund University
Number of pages33
Volume6
StatePublished - 2009
Publication categoryResearch

Publication series

NameCircle Electronic Working Paper series
Volume6
ISSN (Print)1654-3149

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