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Technological Change, Dynamic Efficiency, and Market Structure

In: New Perspectives on Industrial Organization

Author

Listed:
  • Victor J. Tremblay

    (Oregon State University)

  • Carol Horton Tremblay

    (Oregon State University)

Abstract

To this point, most of our discussion about economic performance has focused on static efficiency and assumed that technology is fixed. Yet economic growth requires that we make investments today to develop better products or new processes that lower the cost of production. Persistent long-run economic growth has led to a continued rise in our standard of living. For example, Elwell (2006) documents that from 1980 to 2004 that output per capita grew by about 2.3% per year in Great Britain and by about 2.0% in the USA, Japan, and other major European countries (Germany, France, Italy, and the Netherlands). Although these growth rates may seem inconsequential, a small increase in the growth rate can have a sizable cumulative effect. To illustrate, a 2% growth rate will double the standard of living in approximately 35 years, while a 3% growth rate doubles it in only about 23.5 years.

Suggested Citation

  • Victor J. Tremblay & Carol Horton Tremblay, 2012. "Technological Change, Dynamic Efficiency, and Market Structure," Springer Texts in Business and Economics, in: New Perspectives on Industrial Organization, edition 127, chapter 0, pages 485-519, Springer.
    • Handle: RePEc:spr:sptchp:978-1-4614-3241-8_17
    DOI: 10.1007/978-1-4614-3241-8_17
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