The Economics of Localized Technological Change and Industrial Dynamics

The concept of localized technological change is emerging at the crossroads of different approaches to the economics of innovation and new technologies. The term ‘localized technological change' refers to the introduction of technological changes which make possible an increase in total factor productivity within only a limited range of techniques defined by the levels of factor intensity. This contrasts with ‘generalized technological change', which is defined as the global shift of all th...