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Technological Opportunity and Growth

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Author Info

  • Ola Olsson

Abstract

The article presents a model of technological opportunity, modeled as a resource that is exhaustible in the short run but renewable in the long run. The exploitation and regeneration of technological opportunity is the result of an interplay between intentional incremental and radical innovations and unintentionally made discoveries. The setting for the basic model is a multidimensional metric space where existing ideas are convexly combined in order to create new ideas. When the basic set theoretical features are included in a long-run R&D model, we derive the implications for paradigm duration as well as for the growth rate of technological knowledge. We show that whereas a larger pool of R&D workers have an ambiguous effect on the short run technological growth rate, it will lead to more frequent paradigm shifts in the long run. Copyright Springer Science+Business Media, Inc. 2005

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File URL: http://hdl.handle.net/10.1007/s10887-005-1112-4
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Bibliographic Info

Article provided by Springer in its journal Journal of Economic Growth.

Volume (Year): 10 (2005)
Issue (Month): 1 (01)
Pages: 31-53

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Handle: RePEc:kap:jecgro:v:10:y:2005:i:1:p:31-53

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Web page: http://www.springerlink.com/link.asp?id=102931

Related research

Keywords: technological opportunity; technological progress; innovation; growth; paradigm;

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Cited by:
  1. Osipian, Ararat, 2007. "Экономический Рост: Образование Как Фактор Производства
    [Economic Growth: Education as a Factor of Production]    ," MPRA Paper 7593, University Library of Munich, Germany.
  2. Berliant, Marcus & Fujita, Masahisa, 2008. "The Dynamics of Knowledge Diversity and Economic Growth," MPRA Paper 7088, University Library of Munich, Germany.
  3. Hendrik Hakenes & Andreas Irmen, 2005. "On the Long-Run Evolution of Technological Knowledge," CESifo Working Paper Series 1483, CESifo Group Munich.
  4. Jakub Growiec, 2008. "A new class of production functions and an argument against purely labor-augmenting technical change," International Journal of Economic Theory, The International Society for Economic Theory, vol. 4(4), pages 483-502.
  5. Christian Ghiglino, 2007. "Random walk to innovation: why productivity follows a power law," Economics Discussion Papers 627, University of Essex, Department of Economics.
  6. Osipian, Ararat, 2008. "Economic Growth—Human Capital Nexus in Post-Soviet Ukraine, 1989-2009," MPRA Paper 7731, University Library of Munich, Germany.
  7. Mark Sanders, 2007. "Scientific Paradigms, Entrepreneurial Opportunities and Cycles in Economic Growth," Small Business Economics, Springer, vol. 28(4), pages 339-354, April.
  8. Attar, Mustafa A., 2008. "Science in the Third Dimension of R&D," MPRA Paper 9427, University Library of Munich, Germany.

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