An Insider’s View on the Economics of Hyman Minsky
Chapter 12: Growth, technical change and unemployment
This chapter analyzes in more detail the role of technical change. In fact, it is important to deepen its role, above all in periods when it changes its intensity. In a world of globalization and an information technology revolution, it is vital to understand what technical change adds to the relationship between growth and unemployment studied in the previous chapter. To deepen the analysis, three methodological changes have been made. First, linearization of the model has been considered in order to deepen the sensitivity analysis of the model. Second, prices have been explicitly introduced. Finally, stochastic elements have been brought into the analysis. The subject of secular stagnation is also considered.
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