The Diffusion of New Technologies

Nicholas Bloom, Marcela Carvalho (), Tarek Hassan, Aakash Kalyani, Joshua Lerner and Ahmed Tahoun ()
Additional contact information
Marcela Carvalho: https://www.hbs.edu/faculty/Pages/profile.aspx?facId=1161367
Ahmed Tahoun: https://www.london.edu/faculty-and-research/faculty-profiles/t/tahoun-a

No 2024-009, Working Papers from Federal Reserve Bank of St. Louis

Abstract: We identify phrases associated with novel technologies using textual analysis of patents, job postings, and earnings calls, enabling us to identify four stylized facts on the diffusion of jobs relating to new technologies. First, the development of economically impactful new technologies is geographically highly concentrated, more so even than overall patenting: 56% of the most economically impactful technologies come from just two U.S. locations, Silicon Valley and the Northeast Corridor. Second, as the technologies mature and the number of related jobs grows, hiring spreads geographically. But this process is very slow, taking around 50 years to disperse fully. Third, while initial hiring in new technologies is highly skill biased, over time the mean skill level in new positions declines, drawing in an increasing number of lower-skilled workers. Finally, the geographic spread of hiring is slowest for higher-skilled positions, with the locations where new technologies were pioneered remaining the focus for the technology’s high-skill jobs for decades.

Keywords: employment; geography; innovation; research and development (search for similar items in EconPapers)
JEL-codes: O31 O32 (search for similar items in EconPapers)
Pages: 64 pages
Date: 2024-08-26
New Economics Papers: this item is included in nep-geo, nep-ino, nep-tid and nep-ure
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (2)

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Related works:
Working Paper: The Diffusion of New Technologies (2024)
Working Paper: The Diffusion of New Technologies (2021)
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DOI: 10.20955/wp.2024.009

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