By J. K. Sengupta
Jati ok. Sengupta examines the marketplace dynamics of the evolution of and the effect of latest expertise with R&D and information capital. The publication builds the idea of options within the contexts of the high-tech industries of this present day akin to computing and telecommunications.
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Extra resources for Competition and Growth: Innovations and Selection in Industry Evolution
Example text
The BTE vector included product differentiation (PAT), economies of sale (LMES) and a measure of the degree of sunkness of machinery and equipment capital (SUNK). To control for different industry sizes, the logarithm of employment in the industry in 1982 (LSIZE) is included in the list of explanatory variables. Economies of scale were measured by the logarithm of the proxy of MES. Product differentiation increases the capital requirements barrier through advertising expenses and it was measured by the ratio of patents to production (PAT).
Nelson, R. and Winter, S. (1982): An Evolutionary Theory of Economic Change. Harvard University Press, Cambridge, MA. Competition and Growth 35 Novshek, W. (1980): Cournot equilibrium with free entry. Review of Economic Studies 47, 473-86. Schumpeter, ]. (1942): Capitalism, Socialism and Democracy. Harper and Row, New York. K. (1990): Transformations in Stochastic DEA models. Journal of Econometrics 46, 109-23. K. (2000): Dynamic and Stochastic Efficiency Analysis. World Scientific, London. K. (2002): Model of hypercompetition.
3) before, in the context of evolutionary economic growth we may easily apply this type of reasoning to explain the relative decay of firms rather than the growth. Those firms which cannot sustain dynamic efficiency over time feel the intense pressure to exit. On the other hand, those firms escalating on the dynamic efficiency ladder tend to gain footholds and grow in market share. To be more specific, consider the growth efficiency frontier for firms which are growing over time under dynamic competition.