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Technology and the Global Economy

Author

Listed:
  • Jonathan Eaton

    (Department of Economics, Pennsylvania State University, University Park, Pennsylvania, USA)

  • Samuel Kortum

    (Department of Economics, Yale University, New Haven, Connecticut, USA)

Abstract

Interpreting individual heterogeneity in terms of probability theory has proved powerful in connecting behavior at the individual and aggregate levels. Returning to Ricardo's focus on comparative efficiency as a basis for international trade, much recent quantitative equilibrium modeling of the global economy builds on particular probabilistic assumptions about technology. We review these assumptions and discuss how they deliver a unified framework underlying a wide range of static and dynamic equilibrium models.

Suggested Citation

  • Jonathan Eaton & Samuel Kortum, 2024. "Technology and the Global Economy," Annual Review of Economics, Annual Reviews, vol. 16(1), pages 79-104, August.
    • Handle: RePEc:anr:reveco:v:16:y:2024:p:79-104
    DOI: 10.1146/annurev-economics-080218-025541
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    More about this item

    Keywords

    matching; ideas; diffusion; firms; innovation; trade; growth; research;
    All these keywords.

    JEL classification:

    • F0 - International Economics - - General
    • O3 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights
    • O4 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity

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