Felli, Leonardo and Ortalo-Magné, François (1997) Technological innovations: slumps and booms. CARESS Working Paper (97-17). University of Pennsylvania, Pennsylvania, USA.
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Abstract
This paper documents the delayed adoption of a major technological innovation: the adoption of the diesel locomotive in the US railway industry. Contrary to other instances of major technological innovations, the delay in the adoption of the diesel locomotive was not associated with an initial slump in output. We provide a theoretical model which is consistent with both an increase and a decrease in output following the invention of a new technology. Within this model we identify the key factors that make a slump in output unlikely.
| Item Type: | Monograph (Working Paper) |
|---|---|
| Official URL: | https://economics.sas.upenn.edu/pier/working-paper |
| Additional Information: | © 1997 The Authors |
| Divisions: | Financial Markets Group Economics STICERD |
| Subjects: | H Social Sciences > HB Economic Theory H Social Sciences > HE Transportation and Communications |
| JEL classification: | D - Microeconomics > D2 - Production and Organizations > D24 - Production; Cost; Capital and Total Factor Productivity; Capacity D - Microeconomics > D8 - Information, Knowledge, and Uncertainty > D83 - Search; Learning; Information and Knowledge; Communication; Belief E - Macroeconomics and Monetary Economics > E2 - Consumption, Saving, Production, Employment, and Investment > E22 - Capital; Investment (including Inventories); Capacity D - Microeconomics > D9 - Intertemporal Choice and Growth > D92 - Intertemporal Firm Choice and Growth, Investment, or Financing |
| Date Deposited: | 07 May 2008 12:25 |
| Last Modified: | 11 Dec 2024 18:23 |
| URI: | http://eprints.lse.ac.uk/id/eprint/4696 |
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