Creative Destruction, Technology Disruption and Growth

Publisher:
Oxford University Press
Publication Type:
Chapter
Citation:
OXFORD RESEARCH ENCYCLOPEDIA OF ECONOMICS AND FINANCE, 2019, pp. ? - ? (26)
Issue Date:
2019-05-31
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This article aims to examine the origins of modern technological change, to investigate the impact of the new digital technologies, and to explore the phenomenon of digital disruption of established industries and occupations. How these technologies will transform industries and institutions, or serve to create new industries and institutions, will unfold in time. The implications of the relationships between these pervasive new forms of digital transformation and the accompanying new business models, business strategies, innovation and capabilities are being worked through at global, national, corporate and local levels. Whatever the technological future holds it will be defined by continual adaptation, perpetual innovation and the search for new potential. Presently we are experiencing the impact of waves of innovation created by the rapid advance of digital networks, software, and information and communication technology systems that have transformed workplaces, cities and whole economies. These digital technologies are converging and coalescing into intelligent technology systems that facilitate and structure our lives. Digital technologies fundamentally challenge through creative destruction existing routines, capabilities and structures by which organisations presently operate, adapt and innovate. In turn digital technologies stimulate a higher rate of both technological and business model innovation, moving from producer innovation to a more user and open collaborative innovation. This analysis will also consider some impending dilemmas associated with the concentration and monopolisation of digital markets. Finally, the article will consider the contribution made by digital transformation to economic growth and environmental sustainability.
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