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Economics of innovation

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Question:

Discuss, with the help of examples, the difference between technological paradigms and trajectories.

Author: Nasta Charniak



Answer:

A technological paradigm includes the scientific and technical principles relevant to achieve an artifact, and the specific technologies employed. entails specific patterns of solution to selected techno-economic problems that emerge in the production process is often linked with the emergence of some dominant design identifies the operative constraints on prevailing best practices and the problem solving heuristics deemed promising for pushing back those constraints involves a specific ’technology of technical change’, that is specific heuristics of search: Where do we go from here? Where should we search? What sort of knowledge should we draw on? both provide a focus for efforts to advance a technology and channel them along distinct technological trajectories Examples of technological paradigms include the transition from mechanical to digital computing, the shift from combustion engines to electric propulsion in automobiles, and the evolution from traditional to biotechnological methods in medicine. A technological trajectorie may be understood in terms of the progressive refinement and improvement in the supply responses to such potential demand requirements order and confine, but do not at all eliminate, the persistent generation of variety, in the product and process spaces, which innovative search always produces are a powerful uncertainty reducing representations of what the future is likely to yield in technological terms Examples of technological trajectories include the development of computer processors becoming smaller, faster, and more energy-efficient over time, the evolution of renewable energy technologies like solar panels becoming cheaper and more efficient, and the advancement of medical imaging technologies such as MRI machines becoming more accurate and versatile.


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