Technology Revolutions and the Gestation of New Technologies
AbstractWe formalize an explanation for technology revolutions and growth cycles in a model where consumers and firms benefit from periodic changes in technology which result in the development and marketing of new generations of products. We characterize the equilibrium and analyze the effects of changing the rate of technology growth, resource endowment, and R&D and production costs on the duration of generations of products and the frequency of technology revolutions, and hence the growth cycles. Copyright 1993 by Economics Department of the University of Pennsylvania and the Osaka University Institute of Social and Economic Research Association.
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Bibliographic InfoPaper provided by Stockholm - International Economic Studies in its series Papers with number 530.
Length: 22 pages
Date of creation: 1992
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Other versions of this item:
- Chou, Chien-fu & Shy, Oz, 1993. "Technology Revolutions and the Gestation of New Technologies," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 34(3), pages 631-45, August.
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- Oz Shy, 2010.
"A short survey of network economics,"
10-3, Federal Reserve Bank of Boston.
- Shy, Oz, 1996. "Technology revolutions in the presence of network externalities," International Journal of Industrial Organization, Elsevier, vol. 14(6), pages 785-800, October.
- Walde, Klaus, 2002. "The economic determinants of technology shocks in a real business cycle model," Journal of Economic Dynamics and Control, Elsevier, vol. 27(1), pages 1-28, November.
- Justman, Moshe, 2004. "Transitional dynamics of output, wages and profits in innovation-led growth: a general equilibrium analysis," Structural Change and Economic Dynamics, Elsevier, vol. 15(2), pages 183-205, June.
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