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Innovation and the Conditions of Economic Progress

Author

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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.

Suggested Citation

  • Metcalfe, J. Stanley, 2006. "Innovation and the Conditions of Economic Progress," Economic Analysis and Policy, Elsevier, vol. 36(1-2), pages 1-12, March/Sep.
    • Handle: RePEc:eee:ecanpo:v:36:y:2006:i:1-2:p:1-12
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    Cited by:

    1. Chang, Yuan-Chieh & Chen, Min-Nan, 2016. "Service regime and innovation clusters: An empirical study from service firms in Taiwan," Research Policy, Elsevier, vol. 45(9), pages 1845-1857.

    More about this item

    Keywords

    Capitalism; Services;

    JEL classification:

    • O40 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General
    • L80 - Industrial Organization - - Industry Studies: Services - - - General
    • O30 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - General
    • P16 - Political Economy and Comparative Economic Systems - - Capitalist Economies - - - Capitalist Institutions; Welfare State

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