138 BOOK REVIEW innovation occurs). But Kondratiev waves are really only used here as a device on which to hang the notion of paradigm shifts: the analysis could be developed just as effectively in the absence of such waves, without the accompanying loss of credibility. The ﬁrst of the key theories is that of the innovative entrepreneur, which Sundbo dates not merely to Joseph Schumpeter but to the earlier work of French sociologist Gabriel Tarde. Here innovation derives from the activity of a single individual rather than a collection of individuals or an organization. But as the fourth Kon- dratiev wave began (an event which Sundbo dates to the late 1930s) a paradigm shift occurred in economic and sociological writing on innovation which put the emphasis squarely on technology as the driving force behind economic develop- ment. This “technology-economics” paradigm, which emphasises technological development as the instigator of growth and largely ignores the role of the market place in innovation, has been dominant ever since. However, Sundbo argues that this paradigm entered a crisis phase in the 1980s as technology-based innovation failed to deliver a “growth wave”: technology is now seen as failing to deliver sustained economic growth, suggesting
Review of Industrial Organization – Springer Journals
Published: Oct 3, 2004
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