Macroeconomic Model of Technological Growth Taking into Account the Delay in Technological Renovation

Abstract

The dynamic interaction model of two economic agents
in scientific and technological progress was developed. The simulation is based on differential equations with deviating argument when time delays can be taken into account. There are scenarios when a technologically backward agent has the opportunity to catch up with an advanced leading agent. Two main parameters of the model were determined. These are the time delay in the introduction of advanced technologies and the cooperation — isolation degree in the scientific and technical exchange. The importance of these parameters for economic growth is shown in the paper.