POL 507 Chapter Notes - Chapter reading: Joseph Schumpeter, Path Dependence, Mental Model
18 Sep 2019
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Document Summary
Technological revolutions in the neo-schumpeterian effort to understand innovation and to identify the regularities, continuities and discontinuities in the process of innovation. Innovation as the dynamic space for the study of technical change. Profit & social acceptance is what makes inventions possible innovations technical change & entrepreneurship creates economic growth. Tech is "outside the domain of economic theory" Wanted to explain the role of innovation in economic growth. Path-dependent: depends on what the market has already accepted. Innovation: convergence of technology, economy and socio-institutional context. Trajectory: direction of change in a given technology. Radical innovations: released primitively until market accepts and then goes through incremental innovations. Technical paradigm: tacit agreement of the agents involved as to what is a valid search direction and what would be considered an improvement or a superior version of a product; conventionally shared logic. Major innovations > new investment & economic growth.
