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Innovation and the Conditions of Economic Progress

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  • Metcalfe, J. Stanley

    (ESRC Centre for Innovation and Competition, University of Manchester, Manchester (England))

Abstract

The lecture explores some connecting principles that link Colin Clark's Conditions of Economic Progress to modern capitalism in which innovation continually transforms the system from within. My exploration touches on the meaning of economic progress, the difficulties if treating the tertiary sector as a residual after accounting for the primary and secondary sectors, and some aspects of innovation in the service of economy. The lesson is that policy focusing on manufacturing innovation ignores Colin Clark's insight that we live in the tertiary sector and that innovations in service activities are the key to further advances in our standards of life.

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Bibliographic Info

Article provided by Queensland University of Technology (QUT), School of Economics and Finance in its journal Economic Analysis and Policy (EAP).

Volume (Year): 36 (2006)
Issue (Month): 1-2 (March/September)
Pages: 1-12

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Handle: RePEc:eap:articl:v:36:y:2006:i:1-2:p:1-12

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Keywords: Capitalism; Services;

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  1. Bruce S. Tether & J. Stan Metcalfe, 2003. "Horndal at Heathrow? Capacity creation through co-operation and system evolution," Industrial and Corporate Change, Oxford University Press, vol. 12(3), pages 437-476, June.
  2. Rosenberg, Nathan, 1990. "Why do firms do basic research (with their own money)?," Research Policy, Elsevier, vol. 19(2), pages 165-174, April.
  3. L. F. Giblin., 1940. "Economic Progress," The Economic Record, The Economic Society of Australia, vol. 16(2), pages 262-270, December.
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