We develop a characteristic-based model for the endogenous determination of technical coefficients in a linear economy and use it to describe the dynamics of the economy as driven by changes in knowledge. The use of the characteristic approach to determine technical coefficients makes our model suitable to be interpreted as a first attempt towards the formulation of a formal knowledge-based model of technology.
- Classical approach to price and distribution
- Technological change
ASJC Scopus subject areas
- Economics and Econometrics