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Innovation diffusion, technological convergence and economic growth

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  • R. Andergassen
  • F. Nardini
  • M. Ricottilli

Abstract

The 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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File URL: http://www2.dse.unibo.it/wp/WP912.pdf
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Bibliographic Info

Paper provided by Dipartimento Scienze Economiche, Universita' di Bologna in its series Working Papers with number wp912.

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Date of creation: Nov 2013
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Handle: RePEc:bol:bodewp:wp912

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  1. Albert Díaz-Guilera & Alex Arenas Moreno & Conrad J. Pérez Vicente & Fernando Vega Redondo, 2000. "Self-Organized Criticality In Evolutionary Systems With Local Interaction," Working Papers. Serie AD 2000-30, Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie).
  2. Andergassen, Rainer & Nardini, Franco & Ricottilli, Massimo, 2006. "Innovation waves, self-organized criticality and technological convergence," Journal of Economic Behavior & Organization, Elsevier, vol. 61(4), pages 710-728, December.
  3. Silverberg, G. & Verspagen, B., 2002. "A Percolation Model of Innovation in Complex Technology Spaces," Working Papers 02.12, Eindhoven Center for Innovation Studies.
  4. Rosenberg, Nathan & Trajtenberg, Manuel, 2004. "A General-Purpose Technology at Work: The Corliss Steam Engine in the Late-Nineteenth-Century United States," The Journal of Economic History, Cambridge University Press, vol. 64(01), pages 61-99, March.
  5. Brent Goldfarb, 2005. "Diffusion of general-purpose technologies: understanding patterns in the electrification of US Manufacturing 1880--1930," Industrial and Corporate Change, Oxford University Press, vol. 14(5), pages 745-773, October.
  6. Andergassen, Rainer & Nardini, Franco & Ricottilli, Massimo, 2009. "Innovation and growth through local and global interaction," Journal of Economic Dynamics and Control, Elsevier, vol. 33(10), pages 1779-1795, October.
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