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Nonlinear dynamism of innovation and business cycles

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  • Masaaki Hirooka

Abstract

The aim of this paper is to describe the nonlinear dynamism of innovation and to clarify the role of innovation for economic development in terms of Kondratiev business cycles, especially the causal relation of the bubble economy and depressions with innovations. Any paradigm of technological innovation develops within a definite time span reaching maturity. This nonlinear nature clarifies many characteristic features of innovation. Schumpeter’s innovation theory on business cycles is examined through this dynamism. Trunk innovation is defined as that which plays a decisive role in building infrastructures and inducing subsequent innovations. Every innovation has its own technological development period just before the innovation diffusion. The emergence of new markets can be estimated by chasing the ongoing technologies. Copyright Springer-Verlag Berlin/Heidelberg 2003

Suggested Citation

  • Masaaki Hirooka, 2003. "Nonlinear dynamism of innovation and business cycles," Journal of Evolutionary Economics, Springer, vol. 13(5), pages 549-576, December.
    • Handle: RePEc:spr:joevec:v:13:y:2003:i:5:p:549-576
    DOI: 10.1007/s00191-003-0172-x
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    Cited by:

    1. Aguado, Itziar & Echebarria, Carmen & Barrutia, José M., 2008. "El desarrollo sostenible a lo largo de la historia del pensamiento económico [The sustainable development along the history of the economic thought]," MPRA Paper 29035, University Library of Munich, Germany, revised 2009.
    2. Schmoch, Ulrich, 2007. "Double-boom cycles and the comeback of science-push and market-pull," Research Policy, Elsevier, vol. 36(7), pages 1000-1015, September.
    3. Ichkitidze, Yuri, 2018. "Temporary price trends in the stock market with rational agents," The Quarterly Review of Economics and Finance, Elsevier, vol. 68(C), pages 103-117.

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