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Perez’ theory describes the path a technological revolution, like the Industrial Revolution, takes and the social, economic and institutional changes that go along with it. The jury is still out on the theory, and there are plenty of reasons to doubt it. But if it successfully predicts what happens over the next ten years it will have in good part proved its power.
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Great surges of technological development followed by quieter periods of adaptation.
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Each cycle is initiated by a group of technologies interacting to create a “Technological System.”
A technological system is
"An interconnected set of elements that is coherently organized in a way that achieves something.” A Technological System is a set of technologies that interconnect as a platform to allow other innovations. When this system allows a fundamental and basic innovation, the system can cause a technological revolution.
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