Induced technological change

Christophe Feder

Chapter 24 in Elgar Encyclopedia on the Economics of Knowledge and Innovation, 2022, pp 199-206 from Edward Elgar Publishing

Abstract: Technological change is far from exogenous and neutral, and then the effects of technological adoption are not homogeneous in time and space. In this framework, the induced technological change literature analyzes whether and how the price of inputs affects technological change. Many economists have tried to tame the induced technological change notion, often without success but have introduced new and fruitful tools such as the invention possibility frontier and skill-biased technical change. In this lemma, the main steps of the debate are reviewed to reveal the limits and potential of this eclectic approach, where the orthodox and the heterodox approaches can complement and reinforce each other. It emerges that induced technological change is often the only tool able to clarify many and apparently contradictory long-term features and trends. Indeed, this notion has a crucial role in explaining the rate and direction of innovation and the long-term income distribution.

Keywords: Business and Management; Economics and Finance; Innovations and Technology (search for similar items in EconPapers)
Date: 2022
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