Incumbents

Those with the power, privilege and experience.  They tend not to want to give up that (comfortable and/or profitable) position, and take steps to (try to) ensure that the good (for them) times continue.  Naturally.

“Earlier work by Kaldor (1972) and Arthur) (1989) identified another market failure: the increasing returns that accrue to technologies already in the market, for example through network effects, learning-by-doing, and economies of scale, may discourage the development of technologies that are not yet commercially available, but which may ultimately be necessary (Driessen, 2003; Sanden and Azar, 2005).”

Page 48. Nemet (2008) in Foxon, Kohler and Oughton

(to them that hath shall be given…)

Advertisements

Words, ideas, videos

%d bloggers like this: