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Economics of innovation

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Question:

Discuss the differences between normal technical progress and radical innovations according to the technological paradigm approach

Author: Nasta Charniak



Answer:

Normal technical progress refers to incremental improvements within an existing technological paradigm. These are typically gradual and predictable enhancements in performance, efficiency, or cost. Radical innovations, also known as revolutionary or disruptive innovations, involve significant breakthroughs that create new technological paradigms or fundamentally alter existing ones. These innovations often lead to the creation of entirely new industries or the radical transformation of existing ones.


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