KTH/CESIS Working Paper Series in Economics and Institutions of Innovation
Entrepreneurship, Innovation and Economic Growth - past experience, current knowledge and policy implications
Abstract: Considerable advances, even breakthroughs, have been made
during the last decades in our understanding of the relationship between
knowledge and growth on one hand, and entrepreneurship and growth on the
other. Similarly, more profound insights have also been gained as to how
entrepreneurship, innovation and knowledge are interrelated. Yet, a
comprehensive understanding is still lacking concerning the interface of
all of those variables: knowledge, innovation, entrepreneurship and growth.
The link between the micro-economic origin of growth and the macro-economic
outcome is still too rudimentary modeled to grasp the full width of these
complex and intersecting forces. The main objective of this paper is hence
to shed light on recent advances in our understanding of the forces that
underpin the creation of knowledge, its diffusion and commercialization
through innovation, and the role of the entrepreneur in the growth process.
The policy implications of recent research findings conclude this survey.
Particularly important policy implications refer to the design of
regulation influencing knowledge production, ownership, entry barriers,
labor mobility and (inefficient) financial markets. They all have
implication for the efficient diffusion of knowledge through entry.
Knowledge creation has to be matched by incentives that induce mechanisms
to convert knowledge into societal and useful needs.
Keywords: Entrepreneurs; knowledge; innovation; growth; policy; (follow links to similar papers)
JEL-Codes: O31; (follow links to similar papers)
82 pages, April 10, 2010
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