KTH/CESIS Working Paper Series in Economics and Institutions of Innovation
Entrepreneurship, Knowledge and Economic Growth
Abstract: Knowledge plays a critical role in economic development,
still our understanding of how knowledge is created, diffused and converted
into growth, is fragmented and partial. The neoclassical growth models
disregarded the entrepreneur and viewed knowledge as an exogenous factor.
Contemporary current knowledge-based growth models have re-introduced the
notion of the entrepreneur, however stripped of its most typical
characteristics, and the diffusion of knowledge is kept exogenous. It
implies that the predictions and policy conclusions derived from these
models may be flawed. This paper reviews the literature that addresses the
issues of knowledge creation, knowledge diffusion and growth, and the role
attributed the entrepreneur in such dynamic processes. I will explore how
these insights can be integrated into existing growth models and suggest a
more thorough microeconomic foundations from which empirically testable
hypotheses can be derived.
Keywords: entrepreneurship; knowledge; growth; spillovers; (follow links to similar papers)
JEL-Codes: M13; O57; (follow links to similar papers)
78 pages, December 11, 2007
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