caa a22 4500 445854340 CHVBK 20180317145423.0 cr unu---uuuuu 170323e20111001xx s 000 0 eng 10.1007/s00191-010-0216-y doi (NATIONALLICENCE)springer-10.1007/s00191-010-0216-y Giulioni Gianfranco Department of Quantitative Methods and Economic Theory, University of Chieti-Pescara, Viale Pindaro 42, 65127, Pescara, Italy aut The product innovation process and GDP dynamics [Elektronische Daten] [Gianfranco Giulioni] In this paper, we explain GDP dynamics through an analysis of the forces that modify the structure of the economy. These forces are represented by the entry of new firms and product innovations. Our model is inspired by Bak's sand pile model, and the entry of a new firm or innovation is comparable to dropping a grain of sand in Bak's model. The resulting model involves the insights of both Keynes and Schumpeter. It could be defined as Keynesian because the aggregate output is demand driven. That said, the model can mainly be labeled as Schumpeterian for several reasons: (i) innovations have a key role, (ii) credit is involved in supporting the innovation process, (iii) innovations partially destroy old industries, and finally (iv) without innovations, the system gradually approaches its stationary state. In this simple model, the change in the number of sectors (products) of the economy is the decisive factor with the following results: (1) the aggregate production has an increasing trend; (2) fluctuations are asymmetric; (3) recessions have a "creative destruction” explanation; (4) "classical” cycles are gradually replaced by "growth” cycles. Springer-Verlag, 2011 Product variety nationallicence Schumpeterian nationallicence Growth nationallicence Fluctuations nationallicence Out of equilibrium macroeconomic dynamics nationallicence Sand pile model nationallicence Journal of Evolutionary Economics Springer-Verlag 21/4(2011-10-01), 595-618 0936-9937 21:4<595 2011 21 191 https://doi.org/10.1007/s00191-010-0216-y text/html Onlinezugriff via DOI 1 research-article jats NATIONALLICENCE 856 40 https://doi.org/10.1007/s00191-010-0216-y text/html Onlinezugriff via DOI NATIONALLICENCE 100 1- Giulioni Gianfranco Department of Quantitative Methods and Economic Theory, University of Chieti-Pescara, Viale Pindaro 42, 65127, Pescara, Italy aut NATIONALLICENCE 773 0- Journal of Evolutionary Economics Springer-Verlag 21/4(2011-10-01), 595-618 0936-9937 21:4<595 2011 21 191 Metadata rights reserved Springer special CC-BY-NC licence nationallicence BK010053 XK010053 XK010000 NATIONALLICENCE NATIONALLICENCE NL-springer