In 1989, economist W. Brian Arthur presented the idea that under increasing returns, an inferior technology may become locked-in due to path-dependency. In other words, if an inferior technology initially offers a higher return, adoption of a superior technology may not occur. 1,264 more words
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QWERTY and the search for optimality
By: Neil M Kay (University of Strathclyde Business School, Department of Economics)
1,271 more words
Abstract: This paper shows how one of the developers of QWERTY continued to use the trade secret that underlay its development to seek further efficiency improvements after its introduction.