We have so far investigated models of economic growth of exogenous or endogenous variety.
But economic growth has not resulted from technological change. Either it has been exogenous, or it has been sustained because of a linear neoclassical technology, or it has taken place as a byproduct of knowledge spillovers.
Since our purpose is to understand the process of economic growth, models in which growth results from technological progress and technological change itself is a consequence of purposeful investments by firms and individuals are much more attractive. These models not only endogenize technological progress, but they also relate the process of technological change to the underlying market structure, anti-trust and competition policy, and intellectual property rights policy. They will also enable us to discuss issues of directed technological change. In this chapter, we begin with a brief discussion of different conceptions of technological change and provide some foundations for the models that will come later.12.1.
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