Innovation diffusion, technological convergence and economic growth

Rainer Andergassen, Franco Nardini and Massimo Ricottilli

Working Papers from Dipartimento Scienze Economiche, Universita' di Bologna

Abstract: The paper investigates the mechanics through which novel technological principles are developed and diffused throughout an economy consisting of a technologically heterogeneous ensemble of firms. 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.

JEL-codes: E19 O31 O33 O41 (search for similar items in EconPapers)
Date: 2013-11
New Economics Papers: this item is included in nep-cse, nep-ent, nep-ino, nep-knm and nep-mac
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Persistent link: https://EconPapers.repec.org/RePEc:bol:bodewp:wp912

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