'Techno-Economic Paradigms' presents a series of essays discussing one of the most interesting and talked-about socio-economic theories of our times: techno-economic paradigm shifts.

‘Techno-Economic Paradigms’ presents a series of essays by the leading academics in the field discussing one of the most interesting and talked-about socio-economic theories of our times, 'techno-economic paradigm shifts', and its role in explaining processes of innovation and development. This festschrift honours Carlota Perez, founder of the theory of 'techno-economic paradigm shifts'.

Technological Revolutions and Financial Capital presents a novel interpretation of the good and bad times in the economy, taking a long-term perspective and linking technology and finance in an original and convincing way.

Long before the pandemic, economies across the world were in trouble, with growth slowing across the board. This downturn coincided with growing inequality and social exclusion. Rising political dissatisfaction with ruling elites fuelled the rise of populism. Add to this the alarming environmental emergency and few can deny we live in a time of multiple sustainability crises. While this conclusion can lead to despair, in this broad-ranging book Raphael Kaplinsky, a leading development policy analyst, argues that the future is not necessarily bleak. Interrogating the causes and nature of the systemic crises we are living through, he shows how the challenges which we now face mirror previous historical epochs, in which dominant ‘techno-economic’ paradigms flourish, mature and run into crisis. In each case, decisive action is required to move to a more economically and socially sustainable world. In our time, we are witnessing the exhaustion of the Mass Production paradigm. How we herald and manage the transition to the next paradigm – that of Information and Communications Technologies – will determine our capacity to build a more prosperous, equitable and environmentally sustainable world. This book sets out an integrated agenda for action by multiple stakeholders to achieve this end.

This book contains the most sustained and serious attack on mainstream, neoclassical economics in more than forty years. Nelson and Winter focus their critique on the basic question of how firms and industries change overtime. They marshal significant objections to the fundamental neoclassical assumptions of profit maximization and market equilibrium, which they find ineffective in the analysis of technological innovation and the dynamics of competition among firms. To replace these assumptions, they borrow from biology the concept of natural selection to construct a precise and detailed evolutionary theory of business behavior. They grant that films are motivated by profit and engage in search for ways of improving profits, but they do not consider them to be profit maximizing. Likewise, they emphasize the tendency for the more profitable firms to drive the less profitable ones out of business, but they do not focus their analysis on hypothetical states of industry equilibrium. The results of their new paradigm and analytical framework are impressive. Not only have they been able to develop more coherent and powerful models of competitive firm dynamics under conditions of growth and technological change, but their approach is compatible with findings in psychology and other social sciences. Finally, their work has important implications for welfare economics and for government policy toward industry.

"Members of the anti-globalization movement will find the explanations given in this book insightful, as will employees of international organizations due to the important policy messages. The theoretical interest within the book will appeal to development economists and evolutionary economists, and policymakers and politicians will find the explanations of the present failure of many small nations in the periphery invaluable."--BOOK JACKET.

Nanotechnology! Genetic engineering! Miracle Drugs! We are promised that new technological developments will magically save us from the dire consequences of the 300-year fossil-fueled binge known as modern industrial civilization, without demanding any fundamental changes in our behavior. There is a pervasive belief that technological innovation will enable us to continue our current lifestyle indefinitely and will prevent social, economic and environmental collapse. Techno-Fix shows that negative unintended consequences of technology are inherently predictable and unavoidable, techno-optimism is completely unjustified, and modern technology, in the presence of continued economic growth, does not promote sustainability, but hastens collapse. The authors demonstrate that most technological solutions to social and technology-created problems are ineffective. They explore the reasons for the uncritical acceptance of new technologies, show who really controls the direction of technological change, and then advocate extensive reform. This comprehensive exposé is a powerful argument for why we can and should put the genie back in the bottle. An insightful and powerful critique, it is required reading for anyone who is concerned about blind techno-optimism and believes that the time has come to make science and technology more socially and environmentally responsible. For more information, please visit technofix.org .