Path Dependence, Endogenous Innovation, and Growth

Stephen Redding

International Economic Review, 2002, vol. 43, issue 4, 1215-1248

Abstract: The article presents a model of endogenous innovation and growth, in which technological change is path dependent. The historical pattern of technological development plays a central role in determining the pace of future technological change. Path dependence is explained using a distinction between fundamental and secondary knowledge. The economy moves endogenously between periods of drastic and nondrastic innovation. Technological lock-in is shown to be a special case of path dependence. The model provides a rationale for cycles in technological leadership. This rationale exists in equilibria with positive levels of fundamental research and in a world with no imitation. Copyright 2002 by the Economics Department of the University of Pennsylvania and Osaka University Institute of Social and Economic Research Association

Date: 2002
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Working Paper: Path dependence, endogenous innovation, and growth (2002)
Working Paper: Path Dependence, Endogenous Innovation and Growth (1999)
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