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We study size and growth distributions of products and business firms in the context of a given industry. Firm size growth is analyzed in terms of two basic mechanisms, i.e. the increase of the number of new elementary business units and…
Learning about the causal structure of the world is a fundamental problem for human cognition. Causal models and especially causal learning have proved to be difficult for large pretrained models using standard techniques of deep learning.…
We present a macro-finance model with innovation and knowledge spillover. Skilled agents engage in R&D activities (establish firms) or work in the knowledge-intensive sector. Unskilled agents work in the traditional sector. Knowledge…
A generalization of the economic model of natural growth, which takes into account the power-law memory effect, is suggested. The memory effect means the dependence of the process not only on the current state of the process, but also on…
Today, science have a powerful tool for the description of reality - the numbers. However, the concept of number was not immediately, lets try to trace the evolution of the concept. The numbers emerged as the need for accurate estimates of…
This paper develops a theoretical and formal response to the collapse in the marginal cost of ideation caused by artificial intelligence (AI). In challenging the foundational assumption of knowledge scarcity, the paper argues that the key…
P.W. Anderson proposed the concept of complexity in order to describe the emergence and growth of macroscopic collective patterns out of the simple interactions of many microscopic agents. In the physical sciences this paradigm was…
The idea that research investments respond to market rewards is well established in the literature on markets for innovation (Schmookler, 1966; Acemoglu and Linn, 2004; Bryan and Williams, 2021). Empirical evidence tells us that a change in…
Autoprompting is the process of automatically selecting optimized prompts for language models, which has been gaining popularity with the rapid advancement of prompt engineering, driven by extensive research in the field of large language…
We argue that the present crisis and stalling economy continuing since 2007 are rooted in the delusionary belief in policies based on a "perpetual money machine" type of thinking. We document strong evidence that, since the early 1980s,…
Many studies in information science have looked at the growth of science. In this study, we re-examine the question of the growth of science. To do this we (i) use current data up to publication year 2012 and (ii) analyse it across all…
For those concerned with the long-term value of their accounts, it can be a challenge to plan in the present for inflation-adjusted economic growth over coming decades. Here, I argue that there exists an economic constant that carries…
This paper explores the dynamics of learning in a multi-sector general equilibrium model where firms operate under incomplete information about their production returns to scale. Firms iteratively update their beliefs using maximum…
Technological cumulativeness is considered one of the main mechanisms for technological progress, yet its exact meaning and dynamics often remain unclear. To develop a better understanding of this mechanism we approach a technology as a…
A growing literature has examined whether innovation is becoming less disruptive, spanning diverse domains and data sources and using a range of methodologies. This paper provides an inventory of 105 studies exploring this question. The…
In the world of science new technology have opened up the possibility to rely on advanced computational methods and models to conduct and produce scientific research. An important aspect of scientific and business workflows is provenance -…
We study how idiosyncratic firm-level shocks generate aggregate volatility and tail risk when they propagate through a production network under overlapping adjustment: new productivity draws arrive before the economy reaches the static…
Technological knowledge evolves not only through the generation of new ideas, but also through the reinterpretation of existing ones. Reinterpretations lead to changes in the classification of knowledge, that is, reclassification. This…
The exponential growth in scientific publications poses a severe challenge for human researchers. It forces attention to more narrow sub-fields, which makes it challenging to discover new impactful research ideas and collaborations outside…
Higher Education Institutions in the UK and elsewhere are under increasing pressure to measure the impact of their research, which can include how the research has increased scientific engagement amongst the general public. For various…