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The Missing Link

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Author Info
Zoltan J. Acs ()
Bo Carlsson
Pontus Braunerhjelm
David B. Audretsch ()

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Abstract

The intellectual breakthrough contributed by the new growth theory was the recognition that investments in knowledge and human capital endogenously generate economic growth through the spillover of knowledge. Endogenous growth theory does not explain how or why spillovers occur. The missing link is the mechanism converting knowledge into economically relevant knowledge. This paper develops a model that introduces a filter between knowledge and economic knowledge and identifies entrepreneurship as a mechanism that reduces the knowledge filter. A cross-country regression analysis over the period 1981-2001 provides empirical support for the model. We conclude that public policies facilitating knowledge spillovers through entrepreneurship may be an important new approach to promoting economic growth.

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Paper provided by Max Planck Institute of Economics, Group for Entrepreneurship, Growth and Public Policy in its series Discussion Papers on Entrepreneurship, Growth and Public Policy with number 2005-08.

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Length: 39 pages
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Handle: RePEc:esi:egpdis:2005-08

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Keywords: Endogenous growth knowledge innovation and entrepreneurship

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Find related papers by JEL classification:
O10 - Economic Development, Technological Change, and Growth - - Economic Development - - - General
L10 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - General

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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  7. Claudio Michelacci, 2003. "Low Returns in R&D Due to the Lack of Entrepreneurial Skills," Economic Journal, Royal Economic Society, vol. 113(484), pages 207-225, January. [Downloadable!] (restricted)
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  9. David B. Audretsch & Max Keilbach, 2004. "Entrepreneurship Capital and Economic Performance," Discussion Papers on Entrepreneurship, Growth and Public Policy 2004-01, Max Planck Institute of Economics, Group for Entrepreneurship, Growth and Public Policy. [Downloadable!]
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  10. Jones, Charles I, 1995. "R&D-Based Models of Economic Growth," Journal of Political Economy, University of Chicago Press, vol. 103(4), pages 759-84, August. [Downloadable!] (restricted)
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  14. David B. Audretsch & Michael Fritsch, 2002. "Growth Regimes over Time and Space," Regional Studies, Taylor and Francis Journals, vol. 36(2), pages 113-124, April. [Downloadable!] (restricted)
  15. Evans, David S & Jovanovic, Boyan, 1989. "An Estimated Model of Entrepreneurial Choice under Liquidity Constraints," Journal of Political Economy, University of Chicago Press, vol. 97(4), pages 808-27, August. [Downloadable!] (restricted)
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(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Zoltan Acs & Lawrence A. Plummer & Ryan Sutter, 2007. "Penetrating the Knowledge Filter in the Rust Belt," Jena Economic Research Papers 2007-058, Friedrich-Schiller-University Jena, Max-Planck-Institute of Economics, Thueringer Universitaets- und Landesbibliothek. [Downloadable!]
  2. Acs, Zoltán J & Audretsch, David B & Braunerhjelm, Pontus & Carlsson, Bo, 2006. "Growth and Entrepreneurship: An Empirical Assessment," CEPR Discussion Papers 5409, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
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  3. Acs, Zoltan & Audrestch, David & Braunerhjelm, Pontus & Carlsson, Bo, 2007. "The Knowledge Spillover Theory of Entrepreneurship," Working Paper Series in Economics and Institutions of Innovation 77, Royal Institute of Technology, CESIS - Centre of Excellence for Science and Innovation Studies. [Downloadable!]
    Other versions:
  4. Audretsch, David B & Keilbach, Max, 2005. "Entrepreneurship Capital - Determinants and Impact," CEPR Discussion Papers 4905, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
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  5. Braunerhjelm, Pontus, 2006. "Regional Specialization and Universities: The New Verus the Old," Working Paper Series in Economics and Institutions of Innovation 55, Royal Institute of Technology, CESIS - Centre of Excellence for Science and Innovation Studies. [Downloadable!]
  6. Lawrence A. Plummer & Zoltan J. Acs, 2004. "Penetrating the "Knowledge Filter" in Regional Economies," Discussion Papers on Entrepreneurship, Growth and Public Policy 2004-38, Max Planck Institute of Economics, Group for Entrepreneurship, Growth and Public Policy. [Downloadable!]
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  7. Pamela Mueller, 2005. "Exploring the Knowledge Filter - How Entrepreneurship and University-Industry Relations Drive Economic Growth," ERSA conference papers ersa05p610, European Regional Science Association. [Downloadable!]
  8. Bo Carlsson & Zoltan J. Acs & David B. Audretsch & Pontus Braunerhjelm, 2007. "The Knowledge Filter, Entrepreneurship, and Economic Growth," Jena Economic Research Papers 2007-057, Friedrich-Schiller-University Jena, Max-Planck-Institute of Economics, Thueringer Universitaets- und Landesbibliothek. [Downloadable!]
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  9. David Audretsch & Ronnie J. Phillips, 2007. "Entrepreneurship, State Economic Development Policy, and the Entrepreneurial University," Discussion Papers on Entrepreneurship, Growth and Public Policy 2007-11, Max Planck Institute of Economics, Group for Entrepreneurship, Growth and Public Policy. [Downloadable!]
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