The paper investigates the mechanics through which novel technological principles are devel- oped and diused throughout an economy consisting of a technologically heterogeneous ensemble of rms. In the model entrepreneurs invest in the discovery and in the diffusion of a technological principle and their profit flow depends on how many firms adopt the innovation and on how long it takes other entrepreneurs to improve it. We show that technological convergence emerges from the competition among entrepreneurs for the profit flow and characterize the economy's growth rate.
Innovation diffusion, technological convergence and economic growth
ANDERGASSEN, RAINER;NARDINI, FRANCO;RICOTTILLI, MASSIMO
2013
Abstract
The paper investigates the mechanics through which novel technological principles are devel- oped and diused throughout an economy consisting of a technologically heterogeneous ensemble of rms. In the model entrepreneurs invest in the discovery and in the diffusion of a technological principle and their profit flow depends on how many firms adopt the innovation and on how long it takes other entrepreneurs to improve it. We show that technological convergence emerges from the competition among entrepreneurs for the profit flow and characterize the economy's growth rate.File in questo prodotto:
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