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Endogenous Growth and Entropy
TLDR
In this paper, an endogenous growth model using the concept of entropy as a state-dependent complexity effect is proposed to gradually diminish scale effects as the economy develops along the transitional dynamics, which conciliates evidence on the existence of scale effects in history with evidence of no or reduced scale effects.Abstract:
This paper offers novel insights regarding the role of complexity in both the transitional and the long-run dynamics of the economy. We devise an endogenous growth model using the concept of entropy as a state-dependent complexity effect. This allows us to gradually diminish scale effects as the economy develops along the transitional dynamics, which conciliates evidence on the existence of scale effects in history with evidence of no or reduced scale effects in today’s economies. We show that empirical evidence supports entropy as a “first principle” operator of the complexity effect. The model features endogenous growth, with null or small (positive or negative) scale effects, or stagnation, in the long run. These different long-run possibilities have also policy implications. Then, we show that the model can replicate well the take-off after the industrial revolution and the productivity slowdown in the second half of the XXth century. Future scenarios based on in-sample calibration are discussed, and may help to explain (part of) the growth crises affecting the current generation.read more
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Assessment of progress towards “Europe 2020” strategy targets by using the MULTIMOORA method and the Shannon Entropy Index
Aleksandra Fedajev,Dragisa Stanujkic,Darjan Karabasevic,Willem K. Brauers,Edmundas Kazimieras Zavadskas +4 more
TL;DR: In this article, a multi-objective decision-making approach is used for the ranking and classification of the EU countries according to the progress achieved in the implementation of the Europe 2020 strategy.
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Knowledge complexity and the mechanisms of knowledge generation and exploitation: The European evidence
TL;DR: In this paper, a knowledge complexity trade-off can be identified if and when the complexity of the stock of knowledge engenders positive effects in the recombinant generation of new technological knowledge but negative ones in its exploitation in terms of productivity gains.
Posted Content
The Race against the Robots and the Fallacy of the Giant Cheesecake: Immediate and Imagined Impacts of Artificial Intelligence
TL;DR: This article reviewed the current state of the empirical and theoretical literature in economics on the impact of AI on jobs and inequality, and discussed the challenge of AI arms races and concluded that despite the media hype neither massive jobs losses nor a ''Singularity'' are imminent.
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Artificial intelligence: neither Utopian nor apocalyptic impacts soon
TL;DR: It is concluded that despite the media hype neither massive jobs losses nor a ‘Singularity’ is imminent because current AI, based on deep learning, is expensive and difficult for most businesses to adopt, not only displaces but in fact also create jobs, and may not be the route to a super-intelligence.
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Renewable Energy and Sustainability from the Supply Side: A Critical Review and Analysis
TL;DR: In this paper, a critical review of the literature on the relationship between renewable energies and sustainability considering the three dimensions of sustainability: economic, social, and environmental, is provided, and the main recommendation is to further investigate the implementation of modern renewable energies in developing countries, to help those countries to climb the energy ladder toward cleaner energy supply.
References
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