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Path Dependence, Endogenous Innovation, and Growth

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  • Stephen Redding

    (London School of Economics and CEPR)

Abstract

The article presents a model of endogenous innovation and growth, in which technological change is path dependent. The historical pattern of technological development plays a central role in determining the pace of future technological change. Path dependence is explained using a distinction between fundamental and secondary knowledge. The economy moves endogenously between periods of drastic and nondrastic innovation. Technological lock-in is shown to be a special case of path dependence. The model provides a rationale for cycles in technological leadership. This rationale exists in equilibria with positive levels of fundamental research and in a world with no imitation. Copyright 2002 by the Economics Department of the University of Pennsylvania and Osaka University Institute of Social and Economic Research Association

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Bibliographic Info

Article provided by Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association in its journal International Economic Review.

Volume (Year): 43 (2002)
Issue (Month): 4 (November)
Pages: 1215-1248

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Handle: RePEc:ier:iecrev:v:43:y:2002:i:4:p:1215-1248

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Cited by:
  1. Kverndokk, Snorre & Rosendahl, Knut Einar, 2007. "Climate policies and learning by doing: Impacts and timing of technology subsidies," Resource and Energy Economics, Elsevier, vol. 29(1), pages 58-82, January.
  2. Gartland, Myles P., 2005. "Interdisciplinary views of sub-optimal outcomes: Path dependence in the social and management sciences," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 34(5), pages 686-702, October.
  3. Horii, Ryo, 2012. "Wants and past knowledge: Growth cycles with emerging industries," Journal of Economic Dynamics and Control, Elsevier, vol. 36(2), pages 220-238.
  4. Ghosh, Arghya & Kato, Takao & Morita, Hodika, 2007. "Discrete Innovation, Continuous Improvement, and Competitive Pressure," Working Papers 104-27, Department of Economics, Colgate University.
  5. Suk Choi & Christopher Williams, 2014. "The impact of innovation intensity, scope, and spillovers on sales growth in Chinese firms," Asia Pacific Journal of Management, Springer, vol. 31(1), pages 25-46, March.
  6. Schlegel, Christoph, 2004. "Analytical and Numerical Solution of a Poisson RBC model," Dresden Discussion Paper Series in Economics 05/04, Dresden University of Technology, Faculty of Business and Economics, Department of Economics.
  7. Maki, Taichi & Yotsuya, Koichi & Yagi, Tadashi, 2005. "Economic growth and the riskiness of investment in firm-specific skills," European Economic Review, Elsevier, vol. 49(4), pages 1033-1049, May.
  8. Klaus Wälde, 2005. "Endogenous Growth Cycles," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 46(3), pages 867-894, 08.
  9. Kverndokk, Snorre & Rosendahl, Knut Einar & Rutherford, Thomas F., 2004. "Climate policies and induced technological change: Impacts and timing of technology subsidies," Memorandum 05/2004, Oslo University, Department of Economics.

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