Nonlinear dynamism of innovation and business cycles

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 innova...

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Bibliographic Details
Published in:Journal of evolutionary economics 2003-12, Vol.13 (5), p.549-576
Main Author: Hirooka, Masaaki
Format: Article
Language:English
Subjects:
Business cycles
Economic conditions
Economic development
Economics
Entrepreneurship
Industrial Revolution
Information technology
Infrastructure
Innovation
Innovations
Public infrastructure
Public policy
Recessions
Technological change
Turbulence
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Summary: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.
ISSN:0936-9937
1432-1386
DOI:10.1007/s00191-003-0172-x