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Modeling the transition to a new economy: Lessons from two technological revolutions

Atkeson, A; Kehoe, PJ; (2007) Modeling the transition to a new economy: Lessons from two technological revolutions. American Economic Review , 97 (1) pp. 64-88. 10.1257/aer.97.1.64. Green open access

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Abstract

Many view the period after the Second Industrial Revolution as a paradigm of a transition to a new economy following a technological revolution, including the Information Technology Revolution. We build a quantitative model of diffusion and growth during transitions to evaluate that view. With a learning process quantified by data on the life cycle of US manufacturing plants, the model accounts for the key features of the transition after the Second Industrial Revolution. But we find that features like those will occur in other transitions only if a large amount of knowledge about old technologies exists before the transition begins.

Type: Article
Title: Modeling the transition to a new economy: Lessons from two technological revolutions
Open access status: An open access version is available from UCL Discovery
DOI: 10.1257/aer.97.1.64
Publisher version: https://doi.org/10.1257/aer.97.1.64
Language: English
Additional information: This is the published version of record. For information on re-use, please refer to the publisher’s terms and conditions.
UCL classification: UCL
UCL > Provost and Vice Provost Offices
UCL > Provost and Vice Provost Offices > UCL SLASH
UCL > Provost and Vice Provost Offices > UCL SLASH > Faculty of S&HS
URI: https://discovery.ucl.ac.uk/id/eprint/10054399
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