Technological Vintages and Substitution Processes

  • B. Johansson
Conference paper
Part of the Lecture Notes in Economics and Mathematical Systems book series (LNE, volume 293)


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.


Technical Change Production Unit Production Technique Attribute Vector Price Adjustment 
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Copyright information

© Springer-Verlag Berlin Heidelberg 1987

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  • B. Johansson

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