Technological Evolution and Economic Instability: Theoretical Simulations

Jean-Louis Caccomo

Journal of Evolutionary Economics, 1996, vol. 6, issue 2, 55 pages

Abstract: This paper aims to study those firms which have similar characteristics at the beginning of time. The objective is to observe the relation that exists between technological evolution, firms' performances, and economic instability. This is done using an adaptation of the Nelson and Winter model, in order to show the possibility of various growth trajectories, and also to underline the heterogeneity of the firms. This heterogeneity corresponds to a period of economic instability and itself only exists as a result of the specific nature of the technological trend. The theoretical interest lies in using the structures-performances relation by according a central place to innovation.

Date: 1996
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