Resumen
The present paper is a study of the phenomenon of innovative efforts performed in the absence of clear benefits from innovation. First we introduce the macroeconomic context and then we develop a model of firm?s behaviour. We focused on six global corporations: Ford Motor, General Motors, Honda, Chevron, Akzo Nobel and IBM as case studies. In conclusion, we identified two possible Nash dynamic equilibria of firms? strategies, each allowing an economy-wide technological progress without significant premium on innovation. Thus, in spite of short term disturbances the present global pattern of technological progress seems to remain durable on the long run. Keywords: innovation, technological progress, technological change, corporate strategies