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Critical Success Factors for a Knowledge-Based Economy: An Empirical Study into Background Factors of Economic Dynamism

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  • Van Hemert, Patricia
  • Nijkamp, Peter

Abstract

The past decade has shown a rising popularity of the notion of the knowledge-based economy. In Europe this has led to important political paradigms such as the Lisbon Accord and the Barcelona targets, which have become signposts for R&D policy in the EU. The relationship between knowledge and economic growth is often studied in a conceptual and empirical context by addressing correlations between these factors (on the basis of e.g. the new growth theory and endogenous growth theory). This paper takes a complementary, more exploratory route. Starting from the notions of modern knowledge and growth theory, it examines views and attitudes of experts and industrial, R&D or research leaders to identify the critical success factors that are decisive for economic dynamism of a region or country. Knowledge is conceived of as a social capital asset that may reduce or maintain accelerated economic growth. In our study, a sample of 'knowledge experts' is used to identify the relative importance attached by these experts to the various factors that shape the force field of a knowledge-based economy. The results are analyzed using statistical regression methods and common factor analysis. The study is carried out for different types of regions/ countries in the world (the Netherlands, developed regions, developing regions, and semi-developed regions).

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Bibliographic Info

Paper provided by Economic and Social Research Institute (ESRI) in its series Papers with number DYNREG28.

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Length: 26 pages
Date of creation: Jan 2008
Date of revision:
Handle: RePEc:esr:wpaper:dynreg28

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Keywords: critical success factors/factor analysis/growth/innovation/knowledge-based economy;

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  1. Kormendi, Roger C. & Meguire, Philip G., 1985. "Macroeconomic determinants of growth: Cross-country evidence," Journal of Monetary Economics, Elsevier, vol. 16(2), pages 141-163, September.
  2. Paul M Romer, 1999. "Increasing Returns and Long-Run Growth," Levine's Working Paper Archive 2232, David K. Levine.
  3. Grier, Kevin B. & Tullock, Gordon, 1989. "An empirical analysis of cross-national economic growth, 1951-1980," Journal of Monetary Economics, Elsevier, vol. 24(2), pages 259-276, September.
  4. Abernathy, William J. & Clark, Kim B., 1985. "Innovation: Mapping the winds of creative destruction," Research Policy, Elsevier, vol. 14(1), pages 3-22, February.
  5. Beñat Bilbao-Osorio & Andrés Rodríguez-Pose, 2004. "From R&D to Innovation and Economic Growth in the EU," Growth and Change, Gatton College of Business and Economics, University of Kentucky, vol. 35(4), pages 434-455.
  6. Artelaris, Panagiotis & Arvanitidis, Paschalis & Petrakos, George, 2006. "Theoretical and Methodological Study on Dynamic Growth Regions and Factors Explaining their Growth Performance," Papers DYNREG02, Economic and Social Research Institute (ESRI).
  7. Abramovitz, Moses, 1986. "Catching Up, Forging Ahead, and Falling Behind," The Journal of Economic History, Cambridge University Press, vol. 46(02), pages 385-406, June.
  8. Jonathan Temple, 1999. "The New Growth Evidence," Journal of Economic Literature, American Economic Association, vol. 37(1), pages 112-156, March.
  9. Arvanitidis, Paschalis & Petrakos, George & Pavleas, Sotiris, 2007. "Determinants of economic growth: the experts’ view," Papers DYNREG20, Economic and Social Research Institute (ESRI).
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