In every ‘era’ innovations emerge which, due to the specific characteristics that distinguish them, have enormous impacts on the global economic system for a long period of time. Under specific conditions, these "radical" innovations are called general purpose technologies (GPT).
The present work investigates the essential characteristics of radical innovations, bringing out the elements that make such innovations disruptive with respect to the current economic paradigm. Then it analyzes the specific characters of the GPT, in order to establish which of the major radical innovations in history can actually be defined as GPT.
After having analyzed some of the most important economic models on GPT, we proceed with the analysis of the impact that these innovations have on the process of economic growth, constantly referring to the empirical evidence of the most recent studies
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In-Text Citation: (Laino, 2019)
To Cite this Article: Laino, A. (2019). General Purpose Technologies: Characteristics And Impact On Economic Growth. International Journal of Academic Research in Business and Social Sciences, 9(2), 734–748.
Copyright: © 2019 The Author(s)
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