Comment on 'Technological Revolutions and the Evolution of Industrial Structures' (by Giovanni Dosi, Alfonso Gambardella, Marco Grazzi, and Luigi Orsenigo)

Abstract

The recent article in Capitalism and Society by Dosi et al., as well as the accompanying discussion by William Lazonick, misunderstand and mischaracterize the argument of my 2003 paper The Vanishing Hand. More importantly, some of the central claims these articles make about the organization of the so-called New Economy do not withstand careful scrutiny.

This paper is a comment on Technological Revolutions and the Evolution of Industrial Structures: Assessing the Impact of New Technologies Upon the Size and Boundaries of Firms by Giovanni Dosi, Alfonso Gambardella, Marco Grazzi, and Luigi Orsenigo which can be found at: http://ssrn.com/abstract=2209120.

Keywords: vertical integration, Chandlerian corporation, New Economy