In post-Keynesian literature, Hein (2012b) was the first to incorporate financialization as an influential positive determinant of the rate of technological change. However, financialization is more like a two-edged sword which can affect technological change negatively as well. We capture both the positive as well as the negative effect of financialization on technological change which encapsulates the possibility of multiple equilibria. In analyzing the long run of the model, we endogenize the financialization parameter as well and get richer dynamics than Hein (2012b). We show that under certain circumstances, a higher speed of diffusion of technological innovation, more regulated financial markets, and higher intra-class competition among firms are desirable for stabilizing the economy. Finally, we provide some policy prescriptions for the same.

在后凯恩斯主义文献中，Hein (2012b) 是第一个将金融化作为技术变革速度的有影响力的积极决定因素的人。然而，金融化更像是一把双刃剑，它也会对技术变革产生负面影响。我们捕捉到金融化对技术变革的积极和消极影响，其中包含了多重均衡的可能性。在分析模型的长期运行时，我们也将金融化参数内生化，并获得比 Hein (2012b) 更丰富的动态。我们表明，在某些情况下，技术创新的扩散速度更快、金融市场更加规范、企业之间更高的内部竞争对于稳定经济是可取的。最后，