Discuss the concept of path dependence in technological development

Path dependence in the economics of innovation refers to the idea that the historical trajectory of technological development and institutional arrangements can shape the future direction of innovation and economic outcomes. In other words, the choices made in the past, even if suboptimal or arbitrary, can have lasting effects on the paths that subsequent innovation and economic activity follow. One might think that the technology that dominated the market was superior to the altnernative, but there is, an alternative explanation grounded in the interaction between dynamic increasing returns of some kind, network externalities, and path dependence. In this second interpretation, the internal combustion engine need not have been innately superior. All that would have been required was that, because of a run of luck, it became heavily used or bought, and this started a rolling snowball mechanism fuelled by some sort of collective positive feedback. What might be behind these path dependent developments? Cumulativeness in technological evolution; Network externalities or other advantages to consumers or users; Specialised complementary products or services; running the tape of history another time’