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Tools and concepts for understanding disruptive technological change after Schumpeter

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  • Mark Knell

    (NIFU)

  • Simone Vannuccini

    (SPRU, University of Sussex)

Abstract

This chapter is about radical innovation and disruptive technological change. Discovering the nature and mechanisms of disruptive technological change can help to understand the long-run dynamics of innovation and map profound transformation in socio-economic systems. The chapter considers four concepts essential for the understanding radical and disruptive technological change: long waves, techno-economic paradigms, general purpose technologies (GPTs), and disruptive technologies. We conclude with some insights on the emerging technologies in the latest techno-economic paradigm. The tools and concepts given here remain the cornerstone of a useful theory of innovation and change even in our current complex socio-technical landscape.

Suggested Citation

  • Mark Knell & Simone Vannuccini, 2022. "Tools and concepts for understanding disruptive technological change after Schumpeter," Jena Economics Research Papers 2022-005, Friedrich-Schiller-University Jena.
  • Handle: RePEc:jrp:jrpwrp:2022-005
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    Keywords

    Radical innovation; Kondratiev; long wave cycle; Schumpeter; perennial gale of creative destruction; technological discontinuities; techno-economic paradigm; technological revolution; great surge of development; general purpose technology; disruptive technology; emerging technology;
    All these keywords.

    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

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