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Substitution and Complementarity in Endogenous Innovation

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Alwyn Young
Abstract

The influence of Schumpeter's notion of "creative destruction" may have led to an overemphasis on substitution between technologies in recent models of endogenous innovation. Historical examples of technological change suggest that new technologies may just as frequently complement older technologies, creating, rather than destroying, rents. Acknowledgement of the potential for both substitution and complementarity amongst inventions allows for a much richer characterization of the growth process, creating the possibility of threshold effects and multiple equilibria, and bringing to the forefront the important role played by the expectations of inventive entrepreneurs.

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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 4256.

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Date of creation: Jan 1993
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Publication status: published as The Quarterly Journal of Economics, vol. cviii, issue 3, August 1993, (MIT Press, Cambridge),pp. 775-807.
Handle: RePEc:nbr:nberwo:4256

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Find related papers by JEL classification:
O41 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - One, Two, and Multisector Growth Models
O31 - Economic Development, Technological Change, and Growth - - Technological Change - - - Innovation and Invention: Processes and Incentives

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  1. Hatipoglu, Ozan, 2008. "Patent, Inequality and Innovation-Driven Growth," MPRA Paper 7855, University Library of Munich, Germany. [Downloadable!]
  2. Robert J. Barro & Xavier Sala-i-Martin, 1994. "Quality Improvements in Models of Growth," NBER Working Papers 4610, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
  3. de la Croix, David & Boucekkine, Raouf, 2000. "Information technologies, embodiment and growth," Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES) Discussion Paper 2001006, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES). [Downloadable!]
    Other versions:
  4. Chol-Won Li, 1998. "Growth, Knowledge Structure, and Qualtiy-Varierty Innovations," Working Papers 9705, Department of Economics, University of Glasgow. [Downloadable!]
  5. Ziesemer,Thomas, 1998. "Creation and Destruction of Comparative Advantage by Public Investment in the Transport Infrastructure of Transit Economies and by Environmental Taxes," Research Memoranda 019, Maastricht : MERIT, Maastricht Economic Research Institute on Innovation and Technology. [Downloadable!]
  6. Chol-Won Li, . "Stochastic Variety Innovation in a Growth Model," Working Papers 9818, Department of Economics, University of Glasgow, revised Nov 1998. [Downloadable!]
  7. Vincent BODART & Paul REDING, 2001. "Do Foreign Exchange Markets Matter Dor Industry Stock Returns ? An empirical investigation," Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES) Discussion Paper 2001016, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES). [Downloadable!]
  8. Josef Zweimueller, . "Schumpeterian Entrepreneurs Meet Engel's Law: The Impact of Inequality on Innovation-Driven Growth," IEW - Working Papers iewwp009, Institute for Empirical Research in Economics - IEW. [Downloadable!]
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