Authors: Gerhard Rosegger
Addresses: Department of Economics, Weatherhead School of Management, Case Western Reserve University, Cleveland, Ohio 44106, USA
Abstract: Economists| interest in the forces driving industrial growth and decline has gone through several cycles. With conventional, neoclassical theory offering little in the way of guidance, researchers have sought alternative paradigms. During a previous phase of high scholarly activity, it was thought that the evidence showed that rapid growth, retardation and stagnation of industries were the result of immutable |laws|. Empirical and theoretical research of the past two decades has put this conclusion into question by demonstrating that the strategic behaviour of firms, especially with respect to technological decisions, is a major factor in shaping the longer-term fortunes of businesses and industries. This later research has been enriched through insights drawn from other disciplines and has made its results increasingly relevant for governmental and industrial decision-makers. Nevertheless, major gaps in our understanding of life-cycle phenomena and their causes remain.
Keywords: economic cycles; economic theory; innovation waves; life cycles; research cycles.
International Journal of Technology Management, 1992 Vol.7 No.1/2/3, pp.201-215
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