SUSTAINED GROWTH DRIVEN BY MULTIPLE, CO-EXISTING GPTs

The model incorporates characteristics of general purpose technologies established empirically but not currently modeled: GPTs occur simultaneously in several technology "classes," such as ICTs and materials; different "versions" of each class often compete with each other; GPTs of different classes complement each other; uncertainty is associated with GPT development and diffusion. The model's three sectors produce consumption goods using applied knowledge, applied knowledge using GPTs, and pure knowledge that occasionally discovers a new GPT whose efficiency increases as it diffuses. The model allows for competition between, and complementarities among GPTs, replicates accepted growth facts and is useful for policy analysis.