Abstract
This lecture discusses technological revolutions and techno-economic paradigms, but with an emphasis on the digital revolution and the digitalization of the economic and society. It draws its inspiration from works of Joseph Schumpeter, Christopher Freeman, and Carlota Perez on long waves of technological development and places the story within the context of global innovation networks. The lecture contends that the digital revolution not only transformed the world we live in but also created new ways to organize networks within it. We are now in second half of the digital (fifth technological) revolution, when the digitalization of the global networked economy prevails, and not at the beginning of Industrie 4.0. On the contrary, this is the period when economic growth drives the use of innovative digital technologies, including ubiquitous computing, robotics, and artificial intelligence, toward a truly digitalized network society.
Highlights
This lecture is about technological revolutions and techno-economic paradigms, but with an emphasis on the digital revolution and the digitalization of the economy and society
We know something about how the digital revolution and digitalization have transformed the economy and society over the past 50 years
Recent applications of these technologies have led to robotics, artificial intelligence, computerized algorithms, mobile sensors, 3D printing, and autonomous vehicles
Summary
This lecture is about technological revolutions and techno-economic paradigms, but with an emphasis on the digital revolution and the digitalization of the economy and society It is a story about the co-evolution of technologies and institutions through changes in actors and networks and the way they drive economic growth and development over extended periods of time (Nelson et al 2018). Perez (2002: 8) defined the techno-economic paradigm as “a powerful and highly visible cluster of new and dynamic technologies, products and industries, capable of bringing about an upheaval in the whole fabric of the economy.” It is “a set of interrelated radical breakthroughs, forming a major constellation of interdependent technologies,” namely, “a cluster of clusters or a system of systems” (Perez 2010: 189). The entrepreneurial capital tends to dominate in the second phase, as the economy experiences strong productivity growth
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