Technological Innovations: Slumps and Booms
AbstractThis paper documents the delayed adoption of a major technological innovation: the adoption of the diesel locomotive in the US railway industry. Contrary to other instances of major technological innovations, the delay in the adoption of the diesel locomotive was not associated with an initial slump in output. We provide a theoretical model which is consistent with both an increase and a decrease in output following the invention of a new technology. Within this model we identify the key factors that make a slump in output unlikely.
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Bibliographic InfoPaper provided by EconWPA in its series Microeconomics with number 9711002.
Length: 25 pages
Date of creation: 18 Nov 1997
Date of revision:
Note: Type of Document - LaTex; prepared on IBM PC - EmTex; to print on PostScript; pages: 25 ; figures: separate but included
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technological innovations; locomotives; slumps; learning-by- doing;
Other versions of this item:
- Leonardo Felli & F Ortalo-Magne, 1998. "Technological Innovations Slumps and Booms," CEP Discussion Papers dp0394, Centre for Economic Performance, LSE.
- Leonardo Felli & Francois Ortalo-Magne, . "Technological Innovations: Slumps and Booms," Penn CARESS Working Papers c468f14544cc51cba56e9b940, Penn Economics Department.
- Leonardo Felli & Francois Ortalo-Magne, . ""Technological Innovations: Slumps and Booms''," CARESS Working Papres 97-17, University of Pennsylvania Center for Analytic Research and Economics in the Social Sciences.
- Leonardo Felli & François Ortalo-Magné, 1997. "Technological innovations: slumps and booms," LSE Research Online Documents on Economics 4696, London School of Economics and Political Science, LSE Library.
- D24 - Microeconomics - - Production and Organizations - - - Production; Cost; Capital; Capital, Total Factor, and Multifactor Productivity; Capacity
- D83 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Search, Learning, and Information
- D92 - Microeconomics - - Intertemporal Choice - - - Intertemporal Firm Choice, Investment, Capacity, and Financing
- E22 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Capital; Investment; Capacity
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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- Rodolfo E. Manuelli & Ananth Seshadri, 2013. "Frictionless technology diffusion: the case of tractors," Working Papers 2013-022, Federal Reserve Bank of St. Louis.
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