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Technological Opportunity and Growth

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  • Ola Olsson

Abstract

The article presents a model of technological opportunity, modeled as a resource that is exhaustible in the short run but renewable in the long run. The exploitation and regeneration of technological opportunity is the result of an interplay between intentional incremental and radical innovations and unintentionally made discoveries. The setting for the basic model is a multidimensional metric space where existing ideas are convexly combined in order to create new ideas. When the basic set theoretical features are included in a long-run R&D model, we derive the implications for paradigm duration as well as for the growth rate of technological knowledge. We show that whereas a larger pool of R&D workers have an ambiguous effect on the short run technological growth rate, it will lead to more frequent paradigm shifts in the long run. Copyright Springer Science+Business Media, Inc. 2005

Suggested Citation

  • Ola Olsson, 2005. "Technological Opportunity and Growth," Journal of Economic Growth, Springer, vol. 10(1), pages 31-53, January.
    • Handle: RePEc:kap:jecgro:v:10:y:2005:i:1:p:31-53
    DOI: 10.1007/s10887-005-1112-4
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    References listed on IDEAS

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    1. Ricardo J. Caballero & Adam B. Jaffe, 1993. "How High Are the Giants' Shoulders: An Empirical Assessment of Knowledge Spillovers and Creative Destruction in a Model of Economic Growth," NBER Chapters, in: NBER Macroeconomics Annual 1993, Volume 8, pages 15-86, National Bureau of Economic Research, Inc.
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