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Path dependence, endogenous innovation, and growth

Listed author(s):
  • Stephen Redding

This paper 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.

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File URL: http://eprints.lse.ac.uk/208/
File Function: Open access version.
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Paper provided by London School of Economics and Political Science, LSE Library in its series LSE Research Online Documents on Economics with number 208.

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Date of creation: Nov 2002
Publication status: Published in International Economic Review, November, 2002, 43(4), pp. 1215-1248. ISSN: 1468-2354
Handle: RePEc:ehl:lserod:208
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  1. Parente Stephen L., 1994. "Technology Adoption, Learning-by-Doing, and Economic Growth," Journal of Economic Theory, Elsevier, vol. 63(2), pages 346-369, August.
  2. Broadberry, S N, 1994. "Technological Leadership and Productivity Leadership in Manufacturing since the Industrial Revolution: Implications for the Convergence Debate," Economic Journal, Royal Economic Society, vol. 104(423), pages 291-302, March.
  3. Arthur, W Brian, 1989. "Competing Technologies, Increasing Returns, and Lock-In by Historical Events," Economic Journal, Royal Economic Society, vol. 99(394), pages 116-131, March.
  4. Brezis, Elise S & Krugman, Paul R & Tsiddon, Daniel, 1993. "Leapfrogging in International Competition: A Theory of Cycles in National Technological Leadership," American Economic Review, American Economic Association, vol. 83(5), pages 1211-1219, December.
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