Autore
Antonelli, Cristiano

Titolo
Localized thecnological change and factor markets: constraints and inducements to innovation
Periodico
Università degli Studi di Torino. Dip. Di Economia e Statistica Cognetti de Martiis LEI & BRICK - Lab. Di economia dell'innovazione 'Franco Momigliano', Bureau of Research in Innovation, Complexity and Knowledge, Collegio Carlo Alberto. WP series
Anno: 2005 - Fascicolo: 3 - Pagina iniziale: 1 - Pagina finale: 35

The recent advances in the economics of innovation and the analysis of how composition effects influence the introduction of technological change in a global economy, characterized by the variety of production fimctions in use and different local factor markets, provide new strength to the induced innovation approach. Developing the localized technological change approach, it is argued that because there afe irreversibilities, limited knowledge and locallearning, the introduction of new technologies is induced by the disequilibrium conditions brought about in each system by alI changes in relative factor prices. The direction of technological change in terms of its specific form ofbias and how it is introduced and adopted, however, reflects the specific conditions oflocal factor markets. Well-defined long-term technological paths emerge in each region and they depend on the selection process in product markets. The more rigid and idiosyncratic, the endowment of production factors and the system of relative prices afe, the more specific the technological path of each regio n is likely to be. The divide between the microeconomic and the macroreconomic models of induced technological change is reconciled.



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