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The knowledge filter, Entrepreneurship and Economic Growth

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Author Info
Carlsson, Bo () (Case Western Reserve University)
Acs, Zoltan () (University of Baltimore)
Audretsch, David () (Max-Planck Institute)
Braunerhjelm, Pontus () (CESIS - Centre of Excellence for Science and Innovation Studies, Royal Institute of Technology)

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Abstract

This paper explores the relationship between knowledge creation, entrepreneurship, and economic growth in the United States over the last 150 years. According to the “new growth theory,” investments in knowledge and human capital generate economic growth via spillovers of knowledge. But the theory does not explain how or why spillovers occur, or why large investments in R&D do not always result in economic growth. What is missing is “the knowledge filter” - the distinction between general knowledge and economically useful knowledge. Also missing is a mechanism (such as entrepreneurship) converting economically relevant knowledge into economic activity. This paper shows that the unprecedented increase in R&D spending in the United States during and after World War II was converted into economic activity via incumbent firms in the early postwar period and increasingly via new ventures in the last few decades.

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Publisher Info
Paper 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 104.

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Length: 52 pages
Date of creation: 11 Dec 2007
Date of revision:
Handle: RePEc:hhs:cesisp:0104

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Postal: CESIS - Centre of Excellence for Science and Innovation Studies, Royal Institute of Technology, SE-100 44 Stockholm, Sweden
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Related research
Keywords: knowledge; economic growth; entrepreneurship; spillovers; history;

Other versions of this item:

Find related papers by JEL classification:
N90 - Economic History - - Regional and Urban History - - - General, International, or Comparative
O14 - Economic Development, Technological Change, and Growth - - Economic Development - - - Industrialization; Manufacturing and Service Industries; Choice of Technology
O17 - Economic Development, Technological Change, and Growth - - Economic Development - - - Formal and Informal Sectors; Shadow Economy; Institutional Arrangements
O30 - Economic Development, Technological Change, and Growth - - Technological Change - - - General

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This item is featured on the following reading lists:
  1. Socio-Economics of Innovation
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.:
  1. Winter, Sidney G., 1984. "Schumpeterian competition in alternative technological regimes," Journal of Economic Behavior & Organization, Elsevier, vol. 5(3-4), pages 287-320. [Downloadable!] (restricted)
  2. Robert H. McGuckin & Robert Inklaar & Bart van Ark & Sean M. Dougherty, 2004. "The Structure of Business R&D: Recent Trends and Measurement Implications," Economics Program Working Papers 04-01, The Conference Board, Economics Program. [Downloadable!]
  3. Zoltan J. Acs & David B. Audretsch & Pontus Braunerhjelm & Bo Carlsson, 2005. "The Knowledge Spillover Theory of Entrepreneurship," Papers on Entrepreneurship, Growth and Public Policy 2005-27, Max Planck Institute of Economics, Entrepreneurship, Growth and Public Policy Group. [Downloadable!]
    Other versions:
  4. Zoltan Acs & Lawrence Plummer, 2005. "Penetrating the ``knowledge filter'' in regional economies," The Annals of Regional Science, Springer, vol. 39(3), pages 439-456, 09. [Downloadable!] (restricted)
    Other versions:
  5. Edmund S. Phelps, 2006. "Understanding the Great Changes in the World: Gaining Ground and Losing Ground since World War II," Capitalism and Society, Berkeley Electronic Press, vol. 1(2). [Downloadable!]
  6. 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)
    Other versions:
  7. Carlsson, Bo, 1984. "The development and use of machine tools in historical perspective," Journal of Economic Behavior & Organization, Elsevier, vol. 5(1), pages 91-114, March. [Downloadable!] (restricted)
  8. Samuel Kortum & Josh Lerner, 2000. "Assessing the Contribution of Venture Capital to Innovation," RAND Journal of Economics, The RAND Corporation, vol. 31(4), pages 674-692, Winter.
  9. Maddison, Angus, 1987. "Growth and Slowdown in Advanced Capitalist Economies: Techniques of Quantitative Assessment," Journal of Economic Literature, American Economic Association, vol. 25(2), pages 649-98, June. [Downloadable!] (restricted)
  10. Gartner, William B. & Shane, Scott A., 1995. "Measuring entrepreneurship over time," Journal of Business Venturing, Elsevier, vol. 10(4), pages 283-301, July. [Downloadable!] (restricted)
  11. Acs, Zoltan J & Audretsch, David B, 1987. "Innovation, Market Structure, and Firm Size," The Review of Economics and Statistics, MIT Press, vol. 69(4), pages 567-74, November. [Downloadable!] (restricted)
  12. Rosenberg, Nathan, 1992. "Scientific instrumentation and university research," Research Policy, Elsevier, vol. 21(4), pages 381-390, August. [Downloadable!] (restricted)
  13. Blau, David M, 1987. "A Time-Series Analysis of Self-employment in the United State," Journal of Political Economy, University of Chicago Press, vol. 95(3), pages 445-67, June. [Downloadable!] (restricted)
  14. Rosenberg, Nathan & Nelson, Richard R., 1994. "American universities and technical advance in industry," Research Policy, Elsevier, vol. 23(3), pages 323-348, May. [Downloadable!] (restricted)
  15. Jovanovic, Boyan, 2001. " New Technology and the Small Firm," Small Business Economics, Springer, vol. 16(1), pages 53-55, February. [Downloadable!] (restricted)
  16. Zoltan J. Acs & Bo Carlsson & Pontus Braunerhjelm & David B. Audretsch, . "The Missing Link," Papers on Entrepreneurship, Growth and Public Policy 2005-08, Max Planck Institute of Economics, Entrepreneurship, Growth and Public Policy Group. [Downloadable!]
  17. Lucas, Robert Jr., 1988. "On the mechanics of economic development," Journal of Monetary Economics, Elsevier, vol. 22(1), pages 3-42, July. [Downloadable!] (restricted)
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