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The recent development of endogenous growth theories has renewed the in terest into the sources of productivity growth of the advanced industrialized economies. The basic advance of these models is that the evolution of tech nological progress is explained endogeneously within the economic model. The most important concept is the idea of endogenous, market-driven inno vations which are seen as the basic source of technological advances. Firms develop sophisticated production techniques and new products in order to reduce costs or to stimulate demand. Equally important is the concept of...

This treatise develops a macroeconomic disequilibrium model of the Federal Republic of Germany. The estimation results show the significant underutilization of labour, and indicate the importance of supply constraints for imports and exports.