Institutions, Inertia and Changing Industrial Leadership

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Abstract
Major technological transformations may lead to the demise of hitherto successful business institutions and their replacement by new institutions whose characteristics are more suitable to the changed conditions. Because new technologies are slow to spread, however, then may be prolonged periods in which both the new and old institutions coexist. We argue that the transformation from one set of institutions to another may often be based on a mechanism incorporating learning and other experience effects.

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