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Technological innovations: slumps and booms

By Leonardo Felli and François Ortalo-Magné

Abstract

This paper documents the delayed adoption of a major technological innovation: the adoption of the diesel locomotive in the US railway industry. Contrary to other instances of major technological innovations, the delay in the adoption of the diesel locomotive was not associated with an initial slump in output. We provide a theoretical model which is consistent with both an increase and a decrease in output following the invention of a new technology. Within this model we identify the key factors that make a slump in output unlikely

Topics: HE Transportation and Communications
Publisher: University of Pennsylvania
Year: 1997
OAI identifier: oai:eprints.lse.ac.uk:4696
Provided by: LSE Research Online
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