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Growing by Leaps and Inches: Creative Destruction, Real Cost Reduction, and Inching Up

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Author Info

  • Michael R. Darby

    () (Anderson Graduate School of Management, UCLA Box 951481, Los Angeles, CA 90095.)

  • Lynne G. Zucker

    () (UCLA Box 951551, Los Angeles, CA 90095.)

Abstract

Most firms achieve perfective progress, incrementally improving commodities or productivity. But technological progress is concentrated in a few firms achieving metamorphic progress: forming or transforming industries with technological breakthroughs (e.g., biotechnology, lasers, semiconductors, nanotechnology). Unless congruent with incumbents' science and technology base, metamorphic progress promotes entry. Scientific breakthroughs embodied in discovering scientists, protected by natural excludability and transferred by learning-by-doing-with at the bench generally drive metamorphic progress. Embodied knowledge is rivalrous and leads to entry and industry dominance by star scientist--linked firms. Incorporating this scientific entrepreneurial process is essential to improving--if not transforming--endogenous growth models. Copyright 2003, Oxford University Press.

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Bibliographic Info

Article provided by Western Economic Association International in its journal Economic Inquiry.

Volume (Year): 41 (2003)
Issue (Month): 1 (January)
Pages: 1-19

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Handle: RePEc:oup:ecinqu:v:41:y:2003:i:1:p:1-19

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References

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  9. repec:fth:harver:1473 is not listed on IDEAS
  10. Maximo Torero, 2000. "Analyzing the Spillover Mechanism on the Semiconductor Industry in the Silicon Valley and Route 128," Econometric Society World Congress 2000 Contributed Papers 0090, Econometric Society.
  11. Klevorick, Alvin K. & Levin, Richard C. & Nelson, Richard R. & Winter, Sidney G., 1995. "On the sources and significance of interindustry differences in technological opportunities," Research Policy, Elsevier, vol. 24(2), pages 185-205, March.
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Cited by:
  1. Russell S. Sobel & Andrea M. Dean, 2006. "Has Wal-Mart Buried Mom and Pop?: The Impact of Wal-Mart on Self Employment and Small Establishments in the United States," Working Papers 06-05 Classification- JEL, Department of Economics, West Virginia University.
  2. Entorf, Horst & Fegert, Jörg & Kölch, Michael, 2004. "Children in need of medical innovation," Publications of Darmstadt Technical University, Institute of Economics (VWL) 22605, Darmstadt Technical University, Department of Business Administration, Economics and Law, Institute of Economics (VWL).
  3. Michael R. Darby & Lynne G. Zucker, 2006. "Innovation, Competition and Welfare-Enhancing Monopoly," NBER Working Papers 12094, National Bureau of Economic Research, Inc.
  4. Michael Storper & Anthony J. Venables, 2004. "Buzz: face-to-face contact and the urban economy," Journal of Economic Geography, Oxford University Press, vol. 4(4), pages 351-370, August.
  5. John V. Duca & Mine K. Yücel, 2002. "An overview of science and cents: exploring the economics of biotechnology," Economic and Financial Policy Review, Federal Reserve Bank of Dallas.
  6. Lynne G. Zucker & Michael R. Darby, 2007. "Star Scientists, Innovation and Regional and National Immigration," NBER Working Papers 13547, National Bureau of Economic Research, Inc.
  7. Michael R. Darby & Lynne G. Zucker & Andrew Wang, 2003. "Universities, Joint Ventures, and Success in the Advanced Technology Program," NBER Working Papers 9463, National Bureau of Economic Research, Inc.

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