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Is there a technological fix for the current global stagnation?

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  • Lundvall, Bengt-Åke

Abstract

Daniele Archibugi asks whether the 2007–8 financial and economic crisis was brought about by the exhaustion of the current techno-economic paradigm, and whether a new paradigm will lead to eventual recovery. My answer to both questions is ‘No’. Whilst it is useful to think in terms of techno-economic paradigms to understand the uneven process of technological and social advancement, the main reason for the crisis and the main requirement for a new upswing are both socio-political rather than technological in nature. There is a link between the neoliberal deregulation regime that led to the crisis and ICTs. This regime might actually slow down the formation of a new techno-economic paradigm based around Blade Runner technologies such as genetic engineering, artificial intelligence and nanotechnology.

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  • Lundvall, Bengt-Åke, 2017. "Is there a technological fix for the current global stagnation?," Research Policy, Elsevier, vol. 46(3), pages 544-549.
    • Handle: RePEc:eee:respol:v:46:y:2017:i:3:p:544-549
    DOI: 10.1016/j.respol.2016.06.011
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    References listed on IDEAS

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    1. B.-A. Lundvall & Edward Lorenz, 2014. "The Euro-crisis and the failure of the Lisbon Strategy," Post-Print hal-01086862, HAL.
    2. Jensen, Morten Berg & Johnson, Bjorn & Lorenz, Edward & Lundvall, Bengt Ake, 2007. "Forms of knowledge and modes of innovation," Research Policy, Elsevier, vol. 36(5), pages 680-693, June.
    3. David, Paul A, 1990. "The Dynamo and the Computer: An Historical Perspective on the Modern Productivity Paradox," American Economic Review, American Economic Association, vol. 80(2), pages 355-361, May.
    4. Robert J. Gordon, 2012. "Is U.S. Economic Growth Over? Faltering Innovation Confronts the Six Headwinds," NBER Working Papers 18315, National Bureau of Economic Research, Inc.
    5. James A. Dorn, 1993. "Introduction: Financial Deregulation in a Global Economy," Cato Journal, Cato Journal, Cato Institute, vol. 13(2), pages 155-164, Winter.
    6. Bj–rn Johnson & Edward Lorenz & Bengt-Åke Lundvall, 2002. "Why all this fuss about codified and tacit knowledge?," Industrial and Corporate Change, Oxford University Press and the Associazione ICC, vol. 11(2), pages 245-262.
    7. Bengt-åke Lundvall, 2013. "The ‘new new deal’ as a response to the euro-crisis," Chapters, in: Mats Benner (ed.), Before and Beyond the Global Economic Crisis, chapter 8, pages 151-172, Edward Elgar Publishing.
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    Cited by:

    1. Armand, Alex & Mendi, Pedro, 2018. "Demand drops and innovation investments: Evidence from the Great Recession in Spain," Research Policy, Elsevier, vol. 47(7), pages 1321-1333.
    2. Marianna Epicoco, 2021. "Technological Revolutions and Economic Development: Endogenous and Exogenous Fluctuations," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 12(3), pages 1437-1461, September.
    3. Daniele Archibugi & Andrea Filippetti & Marion Frenz, 2018. "Investment in innovation for European recovery: a public policy priority," Management Working Papers 16, Birkbeck Department of Management, revised Feb 2021.
    4. Bonfim, Leandro R.C. & Segatto, Andréa P. & Gonçalves, Sandro A., 2018. "A conical-helix model of technology transfer and public-private partnerships for technological development in Brazilian public health," Technology in Society, Elsevier, vol. 53(C), pages 110-123.

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