Innovation diffusion, technological convergence and economic growth
AbstractThe paper investigates the mechanics through which novel technological principles are developed and diffused throughout an economy consisting of a technologically heterogeneous ensemble of firms. In the model entrepreneurs invest in the discovery and in the diffusion of a technological principle and their profit flow depends on how many firms adopt the innovation and on how long it takes other entrepreneurs to improve it. We show that technological convergence emerges from the competition among entrepreneurs for the profit flow and characterize the economy's growth rate.
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Bibliographic InfoPaper provided by Dipartimento Scienze Economiche, Universita' di Bologna in its series Working Papers with number wp912.
Date of creation: Nov 2013
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Find related papers by JEL classification:
- O31 - Economic Development, Technological Change, and Growth - - Technological Change; Research and Development; Intellectual Property Rights - - - Innovation and Invention: Processes and Incentives
- O33 - Economic Development, Technological Change, and Growth - - Technological Change; Research and Development; Intellectual Property Rights - - - Technological Change: Choices and Consequences; Diffusion Processes
- O41 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - One, Two, and Multisector Growth Models
- E19 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Other
This paper has been announced in the following NEP Reports:
- NEP-ALL-2013-11-29 (All new papers)
- NEP-CSE-2013-11-29 (Economics of Strategic Management)
- NEP-ENT-2013-11-29 (Entrepreneurship)
- NEP-INO-2013-11-29 (Innovation)
- NEP-KNM-2013-11-29 (Knowledge Management & Knowledge Economy)
- NEP-MAC-2013-11-29 (Macroeconomics)
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