Microtheory Seminar Series. Industrial revolution cycles in market quality dynamics
Published: 11 September 2023
3 October. Professor Makoto Yano, Kyoto University
Professor Makoto Yano, Kyoto University
"Industrial revolution cycles in market quality dynamics"
Tuesday, 3 October. 4 pm
Room 355 Main Building
The presentation will be an extension of Professor Yano's latest publication, "Two-dimensional Constrained Chaos and Industrial Revolution Cycles," with Yuichi Furukawa.
Since the 1760s, at least three industrial revolutions have occurred. To explain this phenomenon, we introduce two-dimensional (2D) constrained chaos. Using a model of innovation dynamics, we show that an industrial-revolution-like technology burst, driven by investment/saving motives for R&D activities, recurs about every one hundred years if the monopolistic use of a new technology lasts about eight years.
Makoto Yano is a specially appointed professor at the Institute of Economic Research, Kyoto University. He served as the chairman of the Research Institute of Economy, Trade and Industry, a governmental policy think tank affiliated with the Japanese Ministry of Economy, Trade and Industry, from April 2020 through December 2022, and as the President from 2016 through 20020. He has been an elected member of the Japan Academy since 2022.
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First published: 11 September 2023