Do Economies Diverge? Economic Development in the Very Long Run

Day, R. H. and O. V. Pavlov (2004). Do Economies Diverge? Economic Development in the Very Long Run. In R.H. Day. The Divergent Dynamics of Economic Growth: Studies in Adaptive Economizing, Technological Change, and Economic Development.. Cambridge, UK, Cambridge University Press: 178-200.

23 Pages Posted: 5 May 2021

See all articles by Richard H. Day

Richard H. Day

University of Southern California - Department of Economics

Oleg V. Pavlov

Worcester Polytechnic Institute (WPI) - Department of Social Science & Policy Studies

Date Written: 2004

Abstract

Our purpose here is to describe and illustrate in the simplest possible way a multiple-phase theory of economic growth and development that helps explain why human evolution has not been characterized by steady progress but by fluctuating growth and changing forms, sometimes progressing to higher levels of complexity and sometimes reverting to earlier stages of organization. In the form outlined here (in terms of macroeconomic growth theory) it is convenient to think of the analysis as involving the “very long run.” But for reasons that will be suggested in the conclusion, the very long run is of great interest for interpreting events in the “very short run,” in particular the processes of integration and disintegration currently at work in the world. Moreover, we can propose with some confidence an answer to the question posed in the title of this chapter. Yes, indeed, economies diverge!

Keywords: Macroeconomics; Growth; Complex Economic Dynamics; Computational Economics

Suggested Citation

Day, Richard H. and Pavlov, Oleg V., Do Economies Diverge? Economic Development in the Very Long Run (2004). Day, R. H. and O. V. Pavlov (2004). Do Economies Diverge? Economic Development in the Very Long Run. In R.H. Day. The Divergent Dynamics of Economic Growth: Studies in Adaptive Economizing, Technological Change, and Economic Development.. Cambridge, UK, Cambridge University Press: 178-200., Available at SSRN: https://ssrn.com/abstract=3836851

Richard H. Day

University of Southern California - Department of Economics ( email )

Kaprielian Hall 318-A
Los Angeles, CA 90089
United States
213-740-2432 (Phone)
213-740-8543 (Fax)

Oleg V. Pavlov (Contact Author)

Worcester Polytechnic Institute (WPI) - Department of Social Science & Policy Studies ( email )

100 Institute Road
Worcester, MA 01609
United States

HOME PAGE: http://www.olegpavlov.org

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