Sector evolution under innovation cascade

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Chapter 3 in The Revolution in Energy Technology, 2018, pp 24-57 from Edward Elgar Publishing

Abstract: Chapter 3 presents the concept of innovation cascades, and discusses product life cycle (PLC) and industry life cycle (ILC) theories about the evolution of innovation. In the light of the sectoral innovation systems perspective, and taking into account that high-tech sectors are variation intensive, some of them undergo innovation cascades. Over time innovation increases, new products appear, and products become more complex as a result of the addition of new functionalities, different applications to new market segments, and the arrival of different types of innovators. Under these cascades, innovation does not decline over time. We contend that the cascade theoretical model can explain evolutionary patterns in some high-tech sectors, including biotechnology, ICT and nanotechnology.

Keywords: Economics and Finance; Innovations and Technology; Politics and Public Policy (search for similar items in EconPapers)
Date: 2018
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