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This paper presents a model of long waves and an empirical analysis of Swedish growth since 1850. The model emphasises the creation of new complementarities around macro innovations. The growth process is periodised in two main parts. The first period is characterised by transformation when development is uneven and unbalanced. The second period is characterised by rationalisation when the economy is made more homogenous with growth accelerating in a wider context. With a Swedish Schumpeterian concept the complementarities around innovations form development blocks at the centre of the growth process.
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