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Innovation diffusion, technological convergence and economic growth

Author

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  • R. Andergassen
  • F. Nardini
  • M. Ricottilli

Abstract

The paper investigates the mechanics through which novel technological principles are developed and diffused throughout an economy consisting of a technologically heterogeneous ensemble of firms. In the model entrepreneurs invest in the discovery and in the diffusion of a technological principle and their profit flow depends on how many firms adopt the innovation and on how long it takes other entrepreneurs to improve it. We show that technological convergence emerges from the competition among entrepreneurs for the profit flow and characterize the economy's growth rate.

Suggested Citation

  • R. Andergassen & F. Nardini & M. Ricottilli, 2013. "Innovation diffusion, technological convergence and economic growth," Working Papers wp912, Dipartimento Scienze Economiche, Universita' di Bologna.
  • Handle: RePEc:bol:bodewp:wp912
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    File URL: http://amsacta.unibo.it/3885/1/WP912.pdf
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    References listed on IDEAS

    as
    1. Andergassen, Rainer & Nardini, Franco & Ricottilli, Massimo, 2009. "Innovation and growth through local and global interaction," Journal of Economic Dynamics and Control, Elsevier, vol. 33(10), pages 1779-1795, October.
    2. Brent Goldfarb, 2005. "Diffusion of general-purpose technologies: understanding patterns in the electrification of US Manufacturing 1880--1930," Industrial and Corporate Change, Oxford University Press, vol. 14(5), pages 745-773, October.
    3. Silverberg, Gerald & Verspagen, Bart, 2005. "A percolation model of innovation in complex technology spaces," Journal of Economic Dynamics and Control, Elsevier, vol. 29(1-2), pages 225-244, January.
    4. Nathan Rosenberg & Manuel Trajtenberg, 2009. "A General-Purpose Technology at Work: The Corliss Steam Engine in the Late-Nineteenth-Century United States," World Scientific Book Chapters,in: Studies On Science And The Innovation Process Selected Works of Nathan Rosenberg, chapter 6, pages 97-135 World Scientific Publishing Co. Pte. Ltd..
    5. Arenas, Alex & Diaz-Guilera, Albert & Perez, Conrad J. & Vega-Redondo, Fernando, 2002. "Self-organized criticality in evolutionary systems with local interaction," Journal of Economic Dynamics and Control, Elsevier, vol. 26(12), pages 2115-2142, October.
    6. Andergassen, Rainer & Nardini, Franco & Ricottilli, Massimo, 2006. "Innovation waves, self-organized criticality and technological convergence," Journal of Economic Behavior & Organization, Elsevier, vol. 61(4), pages 710-728, December.
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    More about this item

    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
    • O33 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Technological Change: Choices and Consequences; Diffusion Processes
    • O41 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - One, Two, and Multisector Growth Models
    • E19 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Other

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