IDEAS home Printed from https://ideas.repec.org/
MyIDEAS: Login to save this article or follow this journal

The Influence of Innovation and Imitation on Economic Performance

  • S Geisendorf
Registered author(s):

    The importance of innovation and imitation for the economy is discussed in different branches of economic theory. Some study the macro, others the micro level. Macroeconomic theories, concerned with technological progress do not explicitly distinguish between innovation and imitation. Microeconomic case studies, examine the advantage of one strategy over the other for individual firms, but do not study the macroeconomic effects. The present paper attempts to close this gap by proposing a model capturing the innovative and imitative activity on the micro level and the resulting performance on the macro level. This is done on the basis of a multi-agent simulation. The model gives a comprehensive picture of an evolving economy over time, first because it depicts the interplay of innovation and imitation and second because the agents are placed in a changing economic landscape, forcing them to discover new products. Apart from detecting a predominant strategy, the model shows to what extent the strategies depend on each other. A main result is that the significance of innovation is overemphasised in some parts of the literature. Imitation is the more important strategy, but it is actually the right mixture with a large proportion of imitation that is advancing an economy.

    If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.

    File URL: http://www.economicissues.org.uk/Files/109Geisendorf.pdf
    Download Restriction: no

    Article provided by Economic Issues in its journal Economic Issues.

    Volume (Year): 14 (2009)
    Issue (Month): 1 (March)
    Pages: 65-94

    as
    in new window

    Handle: RePEc:eis:articl:109geisendorf
    Contact details of provider: Postal: Burton Street, Nottingham, NG1 4BU
    Web page: http://www.economicissues.org.uk

    More information through EDIRC

    References listed on IDEAS
    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.:

    as in new window
    1. Howard Pack, 1994. "Endogenous Growth Theory: Intellectual Appeal and Empirical Shortcomings," Journal of Economic Perspectives, American Economic Association, vol. 8(1), pages 55-72, Winter.
    2. Silverberg, Gerald & Dosi, Giovanni & Orsenigo, Luigi, 1988. "Innovation, Diversity and Diffusion: A Self-organisation Model," Economic Journal, Royal Economic Society, vol. 98(393), pages 1032-54, December.
    3. N. Gregory Mankiw & David Romer & David N. Weil, 1990. "A Contribution to the Empirics of Economic Growth," NBER Working Papers 3541, National Bureau of Economic Research, Inc.
    4. Antonio Guarino & Piero Tedeschi, 2006. "Endogenous Knowledge Spillovers and Labor Mobility in Industrial Clusters," Working Papers 20060507, Università degli Studi di Milano-Bicocca, Dipartimento di Statistica.
    5. Arifovic, Jasmina, 1994. "Genetic algorithm learning and the cobweb model," Journal of Economic Dynamics and Control, Elsevier, vol. 18(1), pages 3-28, January.
    6. Paul M. Romer, 1994. "The Origins of Endogenous Growth," Journal of Economic Perspectives, American Economic Association, vol. 8(1), pages 3-22, Winter.
    7. Romer, Paul M, 1987. "Growth Based on Increasing Returns Due to Specialization," American Economic Review, American Economic Association, vol. 77(2), pages 56-62, May.
    Full references (including those not matched with items on IDEAS)

    This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

    When requesting a correction, please mention this item's handle: RePEc:eis:articl:109geisendorf. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Dan Wheatley)

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If references are entirely missing, you can add them using this form.

    If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    This information is provided to you by IDEAS at the Research Division of the Federal Reserve Bank of St. Louis using RePEc data.