IDEAS home Printed from https://ideas.repec.org/p/wop/iasawp/ir97077.html
   My bibliography  Save this paper

Exploring the Unknown on Entrepreneurship, Coordination and Innovation Driven Growth

Author

Listed:
  • G. Dosi
  • G. Fagiolo

Abstract

Notwithstanding the revival of attention recently displayed by the economic discipline about self-sustained processes of economic growth fueled by technological advances, an enormous gap still remains between what we historically know about technical change and its economic exploitation, on the one hand, and the ways we represent them in formal growth models, on the other. Building on some general properties of the empirical patterns of innovation and diffusion that seem to be neglected in a good deal of contemporary growth literature, we present a stylized computer-simulated model in which self-sustained growth appears as the outcome of a coordination process among heterogeneous agents locally interacting in a decentralized economy characterized by: (i) notionally endless opportunities of endogenously introducing innovations; (ii) path-dependency in learning achievements; (iii) dynamic increasing returns grounded upon collectively shared 'learning paradigms'. By means of extensive Montecarlo-like studies, we show that the model is able to generate GNP time-series exhibiting the statistical properties displayed by empirically observable data. Finally, we show simple but quite general settings in which collective economic growth finds its necessary condition in the presence of a number of 'irrationally' entrepreneurial agents.

Suggested Citation

  • G. Dosi & G. Fagiolo, 1997. "Exploring the Unknown on Entrepreneurship, Coordination and Innovation Driven Growth," Working Papers ir97077, International Institute for Applied Systems Analysis.
  • Handle: RePEc:wop:iasawp:ir97077
    as

    Download full text from publisher

    File URL: http://www.iiasa.ac.at/Publications/Documents/IR-97-077.pdf
    Download Restriction: no

    File URL: http://www.iiasa.ac.at/Publications/Documents/IR-97-077.ps
    Download Restriction: no

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Carolina Castaldi & Alessandro Nuvolari, 2004. "Technological Revolutions and Economic Growth: The “Age of Steam” Reconsidered," LEM Papers Series 2004/11, Laboratory of Economics and Management (LEM), Sant'Anna School of Advanced Studies, Pisa, Italy.
    2. Tony Fu-Lai Yu, 2003. "Innovation and coordination: A schutzian perspective," Economics of Innovation and New Technology, Taylor & Francis Journals, vol. 12(5), pages 397-412.
    3. Sydney Winter & Giovanni Dosi, 2000. "Interpreting Economic Change: Evolution, Structures and Games," LEM Papers Series 2000/08, Laboratory of Economics and Management (LEM), Sant'Anna School of Advanced Studies, Pisa, Italy.
    4. Carolina Castaldi & Giovanni Dosi, 2003. "The Grip of History and the Scope for Novelty: Some Results and Open Questions on Path Dependence in Economic Processes," LEM Papers Series 2003/02, Laboratory of Economics and Management (LEM), Sant'Anna School of Advanced Studies, Pisa, Italy.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:wop:iasawp:ir97077. 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: (Thomas Krichel). General contact details of provider: http://edirc.repec.org/data/iiasaat.html .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.