Technological innovations: slumps and booms

Leonardo Felli and Francois Ortalo-Magne

LSE Research Online Documents on Economics from London School of Economics and Political Science, LSE Library

Abstract: This paper documents the delayed adoption of a major technological innovation: the adoption of the diesel locomotive in the US railway industry. Contrary to other instances of major technological innovations, the delay in the adoption of the diesel locomotive was not associated with an initial slump in output. We provide a theoretical model which is consistent with both an increase and a decrease in output following the invention of a new technology. Within this model we identify the key factors that make a slump in output unlikely.

Keywords: technological innovations; locomotives; slumps; learning-by- doing (search for similar items in EconPapers)
JEL-codes: D24 D83 D92 E22 (search for similar items in EconPapers)
Pages: 27 pages
Date: 1997-11
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (2)

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http://eprints.lse.ac.uk/4696/ Open access version. (application/pdf)

Related works:
Working Paper: Technological Innovations Slumps and Booms (1998)
Working Paper: Technological Innovations: Slumps and Booms (1997)
Working Paper: Technological Innovations: Slumps and Booms
Working Paper: Technological Innovations: Slumps and Booms'
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Persistent link: https://EconPapers.repec.org/RePEc:ehl:lserod:4696

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