INNOVATION AND TECHNOLOGICAL SHOCK - DEFINITION AND TAXONOMY

• Authors: Nowara W. , Szarzec K..
• Languages of publication: PL

Abstracts

EN

Since the 80s of the 20th century, being the reasons of business cycles and economic growth, technological changes have become again a subject of great interest to economists. The development of Real Business Cycle Theory and Endogenous Growth Theory have contributed to a lot of research on the causes of the business cycles and on the incorporation of a technological factor into macro-econometrics models. The objective of this paper is to review definitions of an innovation and a technology shock and to analyze relations between these two concepts. The interpretation of innovation and its taxonomy on a microeconomic level is made with a respect to the analysis of a technological shock on a macroeconomic level. The authors argue that every new idea affecting the relation of factors of production in a given enterprise can be called, at best, an innovation or a change in technology but not a shock. Due to technology diffusion, only big innovations in one enterprise could spread on the entire economy and cause a technology shock possible to identify.

Keywords

EN

BUSINESS CYCLES; INNOVATIONS; TECHNOLOGY SHOCKS

Discipline

• ECONOMICS: ECONOMICS

• Publisher: Institute of Economic Sciences, Polish Academy of Sciences
• Journal: Studia Ekonomiczne (Economic Studies)
• Year: 2007
• Issue: 3-4(54-55)
• Pages: 249-261
• Document type: ARTICLE

Contributors

author

Nowara W.

author

Szarzec K..

• W. Nowara, Akademia Ekonomiczna w Poznaniu, Wydzial Gospodarki Miedzynarodowej, al. Niepodleglosci 10, 60-967 Poznan, Poland

Identifiers

CEJSH db identifier

08PLAAAA03817635