Industrial Dynamics and Endogenous Growth
Economic growth can be described at the macro level, but it can never be explained at that level. Economic growth is a matter of experimental creation of a variety of technologies that are confronted with potential buyers (customers) in dynamic markets and hierarchies. Thus, economic growth results from the interaction of a variety of actors who create and use technology, and demanding customers. Economic growth is inherently a micro phenomenon. The focus of this paper is on the conditions that are conducive to creation of a variety of new technologies and on those that are necessary and sufficient for the efficient selection and capturing of winners. We refer to the former as a technological system and the latter as a competence bloc, combined with an experimentally organized economy (EOE). The confrontation between actors and between actors and ideas in the markets for innovation gives rise to what we call industrial dynamics. By specifying the mechanisms that generate new technology (rather than assuming an exogenous supply of technology), we endogenize economic growth.
Volume (Year): 10 (2003)
Issue (Month): 4 ()
|Contact details of provider:|| Web page: http://www.tandfonline.com/CIAI20|
|Order Information:||Web: http://www.tandfonline.com/pricing/journal/CIAI20|
When requesting a correction, please mention this item's handle: RePEc:taf:indinn:v:10:y:2003:i:4:p:435-455. 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: (Michael McNulty)
If references are entirely missing, you can add them using this form.