Journal Article

Pecuniary knowledge externalities: the convergence of directed technological change and the emergence of innovation systems

Cristiano Antonelli

in Industrial and Corporate Change

Volume 17, issue 5, pages 1049-1070
Published in print October 2008 | ISSN: 0960-6491
Published online August 2008 | e-ISSN: 1464-3650 | DOI: http://dx.doi.org/10.1093/icc/dtn029
Pecuniary knowledge externalities: the convergence of directed technological change and the emergence of innovation systems

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  • Industrial History
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The new understanding of the characteristics of knowledge indivisibility and knowledge appropriability makes it possible to appreciate the key role pecuniary externalities play both in the generation and in the exploitation of technological knowledge. Pecuniary externalities affect access to external knowledge and its localized appropriation, by the intensive use of idiosyncratic factors and the introduction of biased technological change. Their combined effect shapes the convergence of the directed features of the knowledge generated at the firm level and explains the path-dependent emergence of local and technological innovation systems and the dynamics of innovation cascades.

Journal Article.  8597 words.  Illustrated.

Subjects: Industrial History ; Business History ; Innovation ; Technological Change; Research and Development ; Industry Studies

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