Path dependence, endogenous innovation, and growth

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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.

Original languageEnglish (US)
Pages (from-to)1215-1248
Number of pages34
JournalInternational Economic Review
Issue number4
StatePublished - Nov 2002
Externally publishedYes

All Science Journal Classification (ASJC) codes

  • Economics and Econometrics


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