Yin, Xiangkang; Zuscovitch, Ehud - Department of Economics and Finance, La Trobe Business … - 1999
Technological progress as a major source of economic development stems from the interaction of two types of innovations … endogenously-determined innovations. Upstream firms in the model "produce" drastic innovation, which turns out brand new technology … downstream firms adopt the new technology, they can improve it further by their incremental innovations. …