There is substantial heterogeneity across industries in the level of interdependence between new and old technologies. I propose a measure of this interdependence–an index of sequentiality in innovation–which is the transfer rate of patents in a particular industry. I find that highly sequential industries have higher profitability, higher variance of firm growth, lower exit rates, and lower ra...

Constructing total factor productivity growth numbers free of the effects of business cycle variations is, as the large recent literature on the topic has shown, a difficult exercise. But the trend evolutions are clear. In most countries, TFP growth has been lower-often much lower-than it was before the mid-1970s. And the decrease in the underlying TFP growth rate appears to have been quite abr...

Article history: Received 31 August 2010 Available online 14 January 2011 Explanations of Japanese technological modernization from the late nineteenth to the midtwentieth century have increasingly focused on domestic capabilities as opposed to the traditional emphasis on knowledge transfers from the West. Yet, the literature is mostly qualitative and it lacks a comparative context. This articl...

This paper investigates the relationship between geographic patterns of industry and economic growth in a two-country model of trade with no scale effect, where productivity growth is generated by firm investment in process innovation. We find that dispersed equilibria with industry located in both countries produce higher growth rates than concentrated equilibria with all industry located in o...

In this paper we develop a theoretical model in order to understand co-movements between asset returns and consumption over short and long horizons. We present an intertemporal general equilibrium model featuring two types of shocks: "small", frequent and disembodied shocks to productivity and "large" technological innovations, which are embodied into new vintages of the capital stock. The latt...

The infusion of information communication technology (ICT) into health services is emerging as an active area of research. It has several advantages but perhaps the most important one is providing medical benefits to one and all irrespective of geographic boundaries in a cost effective manner, providing global expertise and holistic services, in a time bound manner. This paper provides a system...

Long-run technological progress is cyclical because drastic innovations that introduce new technological opportunity are only profitable at times when repeated incremental innovation has nearly exhausted existing technological opportunity and driven entrepreneurial profit and income growth towards zero. The article presents a ’technological opportunity model’ where endogenous drastic and increm...

A detailed understanding of technological change as an evolutionary process is currently not well understood. To increase our understanding, we build upon theory from organizational ecology to develop a model of endogenous technological growth and determine to what extent the pattern of technological growth can be attributed to the structural or systemic characteristics of the technology itself...