Technological Vintages and Substitution Processes
An important aspect of Schumpeter’s (1934) vision of the process of economic development is that early initiators receive a premium for being forerunners. This “extra profit” to innovators has the form of a temporary monopoly, based on specific knowledge that they do not share with their competitors - or only share with a few of them.
KeywordsTechnical Change Production Unit Production Technique Attribute Vector Price Adjustment
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