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Technological Opportunity and Growth


  • Ola Olsson


The article presents a model of technological opportunity, modeled as a resource that is exhaustible in the short run but renewable in the long run. The exploitation and regeneration of technological opportunity is the result of an interplay between intentional incremental and radical innovations and unintentionally made discoveries. The setting for the basic model is a multidimensional metric space where existing ideas are convexly combined in order to create new ideas. When the basic set theoretical features are included in a long-run R&D model, we derive the implications for paradigm duration as well as for the growth rate of technological knowledge. We show that whereas a larger pool of R&D workers have an ambiguous effect on the short run technological growth rate, it will lead to more frequent paradigm shifts in the long run. Copyright Springer Science+Business Media, Inc. 2005

Suggested Citation

  • Ola Olsson, 2005. "Technological Opportunity and Growth," Journal of Economic Growth, Springer, vol. 10(1), pages 31-53, January.
  • Handle: RePEc:kap:jecgro:v:10:y:2005:i:1:p:31-53
    DOI: 10.1007/s10887-005-1112-4

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    Cited by:

    1. Osipian, Ararat, 2007. "Экономический Рост: Образование Как Фактор Производства
      [Economic Growth: Education as a Factor of Production]
      ," MPRA Paper 7593, University Library of Munich, Germany.
    2. repec:eee:dyncon:v:90:y:2018:i:c:p:434-459 is not listed on IDEAS
    3. Marcus Berliant & Masahisa Fujita, 2011. "The Dynamics of Knowledge Diversity and Economic Growth," Southern Economic Journal, Southern Economic Association, vol. 77(4), pages 856-884, April.
    4. Henry Lahr & Andrea Mina, 2014. "Liquidity, Technological Opportunities, and the Stage Distribution of Venture Capital Investments," Financial Management, Financial Management Association International, vol. 43(2), pages 291-325, June.
    5. Hendrik Hakenes & Andreas Irmen, 2007. "On the long-run evolution of technological knowledge," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 30(1), pages 171-180, January.
    6. Jakub Growiec, 2008. "A new class of production functions and an argument against purely labor‐augmenting technical change," International Journal of Economic Theory, The International Society for Economic Theory, vol. 4(4), pages 483-502, December.
    7. Gersbach, Hans & Sorger, Gerhard & Amon, Christian, 2018. "Hierarchical growth: Basic and applied research," Journal of Economic Dynamics and Control, Elsevier, vol. 90(C), pages 434-459.
    8. Christian Ghiglino, 2005. "Balanced Growth with a Network of Ideas," Working Papers 546, Queen Mary University of London, School of Economics and Finance.
    9. Martin L. Weitzman, 1998. "Recombinant Growth," The Quarterly Journal of Economics, Oxford University Press, vol. 113(2), pages 331-360.
    10. repec:eee:respol:v:47:y:2018:i:1:p:252-265 is not listed on IDEAS
    11. Wang, Ming-Yeu & Fang, Shih-Chieh & Chang, Yu-Hsuan, 2015. "Exploring technological opportunities by mining the gaps between science and technology: Microalgal biofuels," Technological Forecasting and Social Change, Elsevier, vol. 92(C), pages 182-195.
    12. Song, Kisik & Kim, Karp Soo & Lee, Sungjoo, 2017. "Discovering new technology opportunities based on patents: Text-mining and F-term analysis," Technovation, Elsevier, vol. 60, pages 1-14.
    13. Yongho Lee & So Young Kim & Inseok Song & Yongtae Park & Juneseuk Shin, 2014. "Technology opportunity identification customized to the technological capability of SMEs through two-stage patent analysis," Scientometrics, Springer;Akadémiai Kiadó, vol. 100(1), pages 227-244, July.
    14. Barbieri, Nicolò, 2015. "Investigating the impacts of technological position and European environmental regulation on green automotive patent activity," Ecological Economics, Elsevier, vol. 117(C), pages 140-152.
    15. Osipian, Ararat, 2008. "Economic Growth—Human Capital Nexus in Post-Soviet Ukraine, 1989-2009," MPRA Paper 7731, University Library of Munich, Germany.
    16. Mark Sanders, 2007. "Scientific Paradigms, Entrepreneurial Opportunities and Cycles in Economic Growth," Small Business Economics, Springer, vol. 28(4), pages 339-354, April.
    17. repec:eee:tefoso:v:132:y:2018:i:c:p:105-117 is not listed on IDEAS
    18. Attar, Mustafa A., 2008. "Science in the Third Dimension of R&D," MPRA Paper 9427, University Library of Munich, Germany.
    19. Jakub Growiec & Ingmar Schumacher, 2013. "Technological opportunity, long-run growth, and convergence," Oxford Economic Papers, Oxford University Press, vol. 65(2), pages 323-351, April.
    20. Yoon, Byungun & Park, Inchae & Coh, Byoung-youl, 2014. "Exploring technological opportunities by linking technology and products: Application of morphology analysis and text mining," Technological Forecasting and Social Change, Elsevier, vol. 86(C), pages 287-303.
    21. Park, Youngjin & Yoon, Janghyeok, 2017. "Application technology opportunity discovery from technology portfolios: Use of patent classification and collaborative filtering," Technological Forecasting and Social Change, Elsevier, vol. 118(C), pages 170-183.
    22. Martin Fiszbein, 2017. "Agricultural Diversity, Structural Change and Long-run Development: Evidence from the U.S," NBER Working Papers 23183, National Bureau of Economic Research, Inc.
    23. repec:eee:tefoso:v:146:y:2019:i:c:p:432-449 is not listed on IDEAS


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