Entrepreneurship, Knowledge and Economic Growth
AbstractKnowledge plays a critical role in economic development, still our understanding of how knowledge is created, diffused and converted into growth, is fragmented and partial. The neoclassical growth models disregarded the entrepreneur and viewed knowledge as an exogenous factor. Contemporary current knowledge-based growth models have re-introduced the notion of the entrepreneur, however stripped of its most typical characteristics, and the diffusion of knowledge is kept exogenous. It implies that the predictions and policy conclusions derived from these models may be flawed. This paper reviews the literature that addresses the issues of knowledge creation, knowledge diffusion and growth, and the role attributed the entrepreneur in such dynamic processes. I will explore how these insights can be integrated into existing growth models and suggest a more thorough microeconomic foundations from which empirically testable hypotheses can be derived.
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Bibliographic InfoPaper provided by Royal Institute of Technology, CESIS - Centre of Excellence for Science and Innovation Studies in its series Working Paper Series in Economics and Institutions of Innovation with number 102.
Length: 78 pages
Date of creation: 11 Dec 2007
Date of revision:
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Postal: CESIS - Centre of Excellence for Science and Innovation Studies, Royal Institute of Technology, SE-100 44 Stockholm, Sweden
Phone: +46 8 790 95 63
Web page: http://www.infra.kth.se/cesis/
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entrepreneurship; knowledge; growth; spillovers;
Find related papers by JEL classification:
- M13 - Business Administration and Business Economics; Marketing; Accounting - - Business Administration - - - New Firms; Startups
- O57 - Economic Development, Technological Change, and Growth - - Economywide Country Studies - - - Comparative Studies of Countries
This paper has been announced in the following NEP Reports:
- NEP-ALL-2007-12-15 (All new papers)
- NEP-CSE-2007-12-15 (Economics of Strategic Management)
- NEP-ENT-2007-12-15 (Entrepreneurship)
- NEP-HRM-2007-12-15 (Human Capital & Human Resource Management)
- NEP-KNM-2007-12-15 (Knowledge Management & Knowledge Economy)
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