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The growth of the U.S. economy over the nineteenth century was characterized by a sharp acceleration in the rate of inventive activity and a dramatic rise in the relative importance of highly specialized inventors as generators of new technological knowledge. Relying on evidence compiled from...
Persistent link: https://www.econbiz.de/10012471687
The standard view of U.S. technological history is that the locus of invention shifted during the early twentieth century to large firms whose in-house research laboratories were superior sites for advancing the complex technologies of the second industrial revolution. In recent years this view...
Persistent link: https://www.econbiz.de/10012463209
Joseph Schumpeter argued in Capitalism, Socialism and Democracy that the rise of large firms' investments in in-house R&D spelled the doom of the entrepreneurial innovator. We explore this idea by analyzing the career patterns of successive cohorts of highly productive inventors from the late...
Persistent link: https://www.econbiz.de/10012467022
For those who think of Cleveland as a decaying rustbelt city, it may seem difficult to believe that this northern Ohio port was once a hotbed of high-tech startups, much like Silicon Valley today. During the late nineteenth and early twentieth centuries, Cleveland played a leading role in the...
Persistent link: https://www.econbiz.de/10012467764
We argue that the emergence of a well-developed market for patented technologies over the late nineteenth and early twentieth centuries facilitated the emergence of a group of highly specialized and productive inventors by making it possible for them to transfer to others responsibility for...
Persistent link: https://www.econbiz.de/10012469696
Recent scholarly literature explains the spread of in-house research labs during the early 20th century by pointing to the information problems involved in contracting for technology. We argue that these difficulties have been overemphasized and that in fact a substantial trade in patented...
Persistent link: https://www.econbiz.de/10012472837
Leading economists and economic historians offer case studies and theoretical perspectives that fill a longstanding gap in the existing literature on technology-driven industrial development, discussing the interaction of finance and technological innovation in the American economy since the...
Persistent link: https://www.econbiz.de/10012685116
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