Redding, Stephen (2002) Path dependence, endogenous innovation, and growth. International Economic Review, 43 (4). pp. 1215-1248. ISSN 1468-2354
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Abstract
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.
Item Type: | Article |
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Official URL: | http://www.blackwellpublishing.com/journals/IER |
Additional Information: | © 2002 Blackwell Publishing. LSE has developed LSE Research Online so that users may access research output of the School. Copyright © and Moral Rights for the papers on this site are retained by the individual authors and/or other copyright owners. Users may download and/or print one copy of any article(s) in LSE Research Online to facilitate their private study or for non-commercial research. You may not engage in further distribution of the material or use it for any profit-making activities or any commercial gain. You may freely distribute the URL (http://eprints.lse.ac.uk) of the LSE Research Online website. |
Divisions: | Centre for Economic Performance Economics |
Subjects: | H Social Sciences > HB Economic Theory |
JEL classification: | O - Economic Development, Technological Change, and Growth > O3 - Technological Change; Research and Development > O31 - Innovation and Invention: Processes and Incentives O - Economic Development, Technological Change, and Growth > O4 - Economic Growth and Aggregate Productivity > O40 - General |
Date Deposited: | 30 Jun 2006 |
Last Modified: | 23 Sep 2024 04:00 |
URI: | http://eprints.lse.ac.uk/id/eprint/208 |
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