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Path Dependence, Endogenous Innovation, and Growth

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  • Stephen Redding

    (London School of Economics and CEPR)

Abstract

The article presents a model of endogenous innovation and growth, in which technological change is path dependent. The historical pattern of technological development plays a central role in determining the pace of future technological change. Path dependence is explained using a distinction between fundamental and secondary knowledge. The economy moves endogenously between periods of drastic and nondrastic innovation. Technological lock-in is shown to be a special case of path dependence. The model provides a rationale for cycles in technological leadership. This rationale exists in equilibria with positive levels of fundamental research and in a world with no imitation. Copyright 2002 by the Economics Department of the University of Pennsylvania and Osaka University Institute of Social and Economic Research Association

Suggested Citation

  • Stephen Redding, 2002. "Path Dependence, Endogenous Innovation, and Growth," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 43(4), pages 1215-1248, November.
    • Handle: RePEc:ier:iecrev:v:43:y:2002:i:4:p:1215-1248
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    JEL classification:

    • O31 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Innovation and Invention: Processes and Incentives
    • O40 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General

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