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The effects of product and process innovations on economic fluctuations are studied in this paper. The main features of the model are endogenous product innovations and lower-bound consumption constraints on each variety. Results show that in cases when productivity is low compared to the number of available varieties, process innovations increase economic activity, whereas, the effects of product...
Was 1974 a watershed? It saw an increase in the rate of technological change in the production of new equipment. It was the start of a sharp rise in income inequality. It signaled the beginning of the productivity slowdown. Were these phenomena related? Could they have been the result of an Industrial Revolution associated with the introduction of information technologies?
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