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Innovation and Growth: A Technical or Entrepreneurial Residual?
KTH, School of Industrial Engineering and Management (ITM), Industrial Economics and Management (Dept.), Entrepreneurship and innovation.ORCID iD: 0000-0003-0218-7924
2012 (English)In: Innovation and Growth: From R&D Strategies of Innovating Firms to Economy-wide Technological Change / [ed] Martin Andersson, Börje Johansson, Charlie Karlsson, and Hans Lööf, Oxford University Press, 2012, 1Chapter in book (Refereed)
Abstract [en]

Innovation is increasingly viewed as the key to elevate prosperity and secure sustainable long-run growth. The last decades have witnessed a refinement of previous growth models to include also investments in education by individuals and R&D by firms. Better educated individuals and increased expenditure on R&D is then shown to result in innovations and accelerated growth. The issues discussed in this chapter refer to how innovative opportunities arise and are exploited, whether the normative conclusions of contemporary growth models are derived from a realistic micro-economic setting, and suggestions as to how these models can be improved in order to provide appropriate guidance for policy-makers. More precisely, there seems to be a missing link between the production of knowledge and its conversion to societal economic value. Whereas the neoclassical growth model attributed knowledge production to an exogenous 'technical residual', current knowledge based growth models assume the diffusion of to take place exogenously or can be attributed an 'entrepreneurial residual'.

Place, publisher, year, edition, pages
Oxford University Press, 2012, 1.
Keyword [en]
Entrepreneurial residual, Growth model, Knowledge, R&D, Technical residual
National Category
Economics and Business
Identifiers
URN: urn:nbn:se:kth:diva-163605DOI: 10.1093/acprof:oso/9780199646685.003.0013Scopus ID: 2-s2.0-84920495741ISBN: 9780191748998 (electronic)ISBN: 9780199646685 (print)OAI: oai:DiVA.org:kth-163605DiVA: diva2:801871
Note

Printed version published 2012, electronic version published 2013.

QC 20150410

Available from: 2015-04-10 Created: 2015-04-09 Last updated: 2017-02-22Bibliographically approved

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CiteExportLink to record
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Output format
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