Technological Change in the Modern Economy presents an authoritative overview of the economics of technological change. Using an empirical foundation, it examines the economic causes and effects of technological innovation. It also analyzes the process of innovation itself. The author first provides an introduction to innovation and technical change. He expands this to include issues such as innovation and economic growth, the organization of innovation, innovation and competition and the role of government. He also discusses new topics such as technological cooperation, the spillover effects of research, the firm as a learning organization and national systems of innovation. These issues are analysed empirically, employing theoretical explanations to support case studies on Europe, The United States and Japan. The book uses an institutional economics approach, discussing the role of various actors, such as individual inventors, research departments of private firms and public research institutes. The book will provide an introduction to the economics of innovation for advanced undergraduates and for managers and public administrators involved in innovation. It will also be of interest to those studying industrial organization and institutional economics, and will be accessible to those from business administration and management science.