ABSTRACT
Our future depends on our ability to create new technology and render it commercially viable. This sounds like forcing an already open door. Nevertheless, economic theory recently had hardly considered questions like ‘how is new technology created?’ and ‘what factors constrain or stimulate the process of technological development?’. Technological development was seen as an exogenous factor. However, this situation has changed recently. Economic growth stagnated and our traditional instruments proved to be inadequate in stopping this stagnation. In this situation the long Kondratiev-wave, was rediscovered.
