By Partha Dasgupta, Paul Stoneman
A starting to be know-how of the contribution that technological switch has made and will make to financial and social welfare has introduced technological know-how and know-how coverage to the vanguard of public discussions in either nationwide and overseas boards. The papers during this quantity, first provided at a Centre for monetary coverage examine convention held in London in September 1986 at the Economics of expertise coverage, symbolize a panoramic contribution to the talk. often geared toward the non-specialist, the papers disguise either the event and alertness of coverage in addition to offering in-depth discussions of the explanation for intervention within the technique of technological switch. The authors comprise either policy-makers (Barber, Ergas and White) and the tutorial economists (Dasgupta, David, Griliches, Lyons, Pakes, Stiglitz and Stoneman). the amount should be of specific curiosity to policy-makers and their advisers involved in technology-related concerns and may give a contribution considerably to undergraduate and graduate classes within the related region.
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Extra resources for Economic Policy and Technological Performance
Loury, G. (1979), 'Market Structure and Innovation', Quarterly Journal of Economics, 93. The economic theory of technology policy 23 Mookherji, D. (1983), 'Optimal Incentive Schemes with Many Agents', Review of Economic Studies. Nalebuff, B. and J. Stiglitz (1983), 'Prizes and Incentives: Towards a general theory of compensation and competition', Bell Journal of Economics, Spring, 14, 21-43. Nalebuff, B. and H. Varian (1983), 'Some Aspects of Risk Sharing in NonClassical Environments', in L. ), Arne Ryde Symposium on Social Insurance, Elsevier Science Publishers (Amsterdam).
Rent dissipation involves an excessive number of competing proj ects. We can ask whether, even if the number of competitors were right the rivals, under the pressure of market forces, would choose the right projects and the right investment levels in these projects. In a recent work Eric Maskin and I have shown that they would not. There is a pervasive pressure on private firms to choose excessively risky projects (see Dasgupta and Maskin 1986), and thus on average one would expect the market to display too large a spread in the realized quality of research.
Scale-intensive firms are typically producers of bulk materials through continuous processes, or of consumer durables through mass assembly. The main sources of their technology are in-house production engineering activities plus technology embodied in purchased capital equipment. Specialized suppliers live in symbiosis with the scale-intensive firms to whom they supply capital equipment. Their sources of technology are their in-house design and development capability plus the experience of users.
Economic Policy and Technological Performance by Partha Dasgupta, Paul Stoneman