Modelling Technological Change
In its earlier days, technological change was illustrated with the 'Linear Model of Innovation', which has now been largely discarded to be replaced with a model of technological change that involves innovation at all stages of research, development, diffusion and use. When spoken about "modelling technological change" often the process of innovation is meant. This process of continuous improvement is often modelled as a curve depicting decreasing costs over time (for instance fuel cell which have become cheaper every year).
- TC is often modelled using a learning curve, ex.: Ct=C0 * Xt^-b
- TC itself is often included in other models (for instance climate change models) and was often taken as an exogenous factor. These days TC is more often included as an endogenous factor. This means that it is taken as something you can influence. It is generally accepted that policy can influence the speed and direction of TC (for instance more towards clean technologies). This is referred to as Induced Technological Change.
Read more about this topic: Technological Change
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