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General Purpose Technology, Revolutionary Technology, and Technological Maturity

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  • Ruttan, Vernon W.

Abstract

An important inference of the theoretical literature on the development of general purpose technologies is that public investment in their development is necessary if economic growth is to be sustained. The theoretical results are broadly consistent with the empirical generalization that the public sector, particularly military and defense related research, technology development and procurement, has played an important role in the development of most of the general purpose technologies in which the United States is presently globally competitive. These sources are, however, unlikely to play such an important role in the development of new general purpose technologies in the immediate future. Nor is the private sector, burdened by impatient capital, likely to become an important source of new general purpose technology.

Suggested Citation

  • Ruttan, Vernon W., 2008. "General Purpose Technology, Revolutionary Technology, and Technological Maturity," Staff Papers 6206, University of Minnesota, Department of Applied Economics.
    • Handle: RePEc:ags:umaesp:6206
    DOI: 10.22004/ag.econ.6206
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    2. Jitendra Parajuli & Kingsley E. Haynes, 2015. "Broadband Internet and new firm formation: a US perspective," Chapters, in: Charlie Karlsson & Urban Gråsjö & Sofia Wixe (ed.), Innovation and Entrepreneurship in the Global Economy, chapter 9, pages 210-236, Edward Elgar Publishing.
    3. Esposti, Roberto, 2012. "Knowledge, Technology and Innovations for a Bio-based Economy: Lessons from the Past, Challenges for the Future," Bio-based and Applied Economics Journal, Italian Association of Agricultural and Applied Economics (AIEAA), vol. 1(3), pages 1-34, December.
    4. Sumit Majumdar, 2010. "Fiber in the backbone! The impact of broadband adoption on firm growth in network markets," Economics of Innovation and New Technology, Taylor & Francis Journals, vol. 19(3), pages 283-293.

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