The Process of Technological Innovation
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Abstract
It has become cliché to argue that a chasm of significant proportions has developed between mainstream economic analysis1 of technological advance and business practice. This chasm is often attributed to the insistence of many economists to cling to old-fashioned ideas concerning the creation and diffusion of innovations and to disregard the pragmatic study of technological progress. The resulting underestimation of the complexities of the process of technological advance and the institutions which affect it has had serious consequences on the predictive ability of theory.2