The Accumulation of Wealth and the Cyclical Generation of New Technologies: A Search Theoretic Approach
构建了一个搜索理论模型，说明技术进步与财富积累之间的反馈如何导致持续的技术进步和发明周期，对研究经济增长和技术变迁的学者有参考价值。
In this paper, sustained technological progress results from the feedback between technical change and the accumulation of wealth. The production technology is affected by a productivity factor which ensues from research and development. The research and development process is described as a sequential search problem in which optimal decisions depend on current levels of wealth and technology. The resulting growth path displays invention cycles. A discovery of a significant technological improvement at the end of a 'search' phase is followed by periods of growth without search. Eventually sufficient wealth is accumulated, research and development resumes, and a new cycle begins. Copyright 1996 by Economics Department of the University of Pennsylvania and the Osaka University Institute of Social and Economic Research Association.