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- Title
BIG STEEL, INVENTION AND INNOVATION.
- Authors
Adams, Walter; Dirlam, Joel B.
- Abstract
This article explores the invention and adoption of oxygen steelmaking process in the steel industry in the U.S. The invention was neither sponsored nor supported by large, dominant firms. It was a small firm that first innovated the new process in the U.S. and it was other small firms that followed its lead. The researchers' assessment of the consequences of the lag in the U.S. adoption of the oxygen process has shown that the steel industry's complaint about inadequate profits and lack of modernization funds have been exaggerated. The researchers find another implication that if homogeneous oligopolies do not compete in price, their leading members compete in innovating.
- Subjects
UNITED States; OXYGEN steelmaking; OXYGEN; INNOVATION adoption; INDUSTRIAL concentration; STEEL industry
- Publication
Quarterly Journal of Economics, 1966, Vol 80, Issue 2, p167
- ISSN
0033-5533
- Publication type
Article
- DOI
10.2307/1880688