File(s) not publicly available
The PC industry: new economy or early life cycle
journal contribution
posted on 2023-06-08, 19:25 authored by Mariana MazzucatoThe paper studies the co-evolution of industrial turbulence and financial volatility in the early phase of the life-cycle of an old high-tech industry and a new high-tech industry: the U.S. auto industry from 1899-1929 and the U.S. PC industry from 1974-2000. In both industries, the first three decades were characterized by industrial turbulence: radical technological change, high entry and exit rates, and rapidly falling prices. However, unlike in the auto industry, in the PC industry technological change and new entry did not lead to strong instability of market shares-at the core of the monopoly-destroying effect of Schumpeterian creative destruction-until the 1990s, when the lead of the incumbents from the pre-existing mainframe and minicomputer industries was undermined. In both industries, stock prices were the most volatile and idiosyncratic during those years in which technological change disrupted market shares the most
History
Publication status
- Published
Journal
Review of Economic DynamicsISSN
1094-2025Publisher
ElsevierExternal DOI
Issue
2Volume
5Page range
318-345Department affiliated with
- SPRU - Science Policy Research Unit Publications
Full text available
- No
Peer reviewed?
- Yes
Legacy Posted Date
2015-01-06Usage metrics
Categories
No categories selectedKeywords
Licence
Exports
RefWorks
BibTeX
Ref. manager
Endnote
DataCite
NLM
DC