The Economics of Innovation, New Technologies and Structural Change

The Economics of Innovation, New Technologies and Structural Change

The Economics of Innovation, New Technologies and Structural Change

The Economics of Innovation, New Technologies and Structural Change

Synopsis

This authoritative book provides a systematic account of recent advances in the economics of innovation. By integrating this account with the economics of technological change, the book elaborates an understanding of the effects of the introduction of new technologies.

Excerpt

This book provides an enlarged Schumpeterian analysis of the implications of the introduction of a new technological system such as new information and communication technology in the global economy. New information and communication technologies are the result of a complex innovation process and as such can be considered a general purpose technology which has a wide spectrum of applications with important effects in terms of potential growth of total factor productivity and significant bias in the use of production factors across countries and regions in the global economy.

Their introduction and use challenge both economics and the economy at large, especially when the global economy is considered. In order to understand their effects and ultimate consequences, in terms of divergent rates of growth across industries, countries and regions within countries, an effort is necessary to bring together different traditions of analysis from Schumpeterian economics to standard analysis of the economics of technical change.

The analysis of the long-term process of generation and introduction of new information and communication technologies and of their economic effects at large calls for a comprehensive assessment of the different approaches elaborated in economics to cope with the analysis of the determinants and consequences of the introduction of technological innovations. This analysis suggests that one must pay special attention to the differentiated endowments of regions and countries and to the variance of relative prices of production factors. The matching of such analysis together with the understanding of the innovation process itself delivers important results in terms of assessment of the asymmetric effects of the introduction and adoption of new technologies and hence the basic recipes for public policy interventions.

The book has a strong European flavor and provides a tentative interpretation of the delays and problems the European economy must face in order to take full advantage of new information and communication technologies. So it can become a reference book to help understand the problems of coping with a new radical general purpose technology, mainly elaborated elsewhere (i.e. the US).

The dynamic approach of the analysis also makes clear that the introduction of new technologies and their diffusion is a process which takes place in out-of-

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