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The Knowledge Filter, Entrepreneurship, and Economic Growth

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Author Info

  • Bo Carlsson

    ()
    (Case Western Reserve University)

  • Zoltan J. Acs

    (University of Baltimore)

  • David B. Audretsch

    (Max-Planck Institute of Economics, Jena, Germany)

  • Pontus Braunerhjelm

    (Royal Institute of Technology)

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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Bibliographic Info

Paper provided by Friedrich-Schiller-University Jena, Max-Planck-Institute of Economics in its series Jena Economic Research Papers with number 2007-057.

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Date of creation: 12 Sep 2007
Date of revision:
Handle: RePEc:jrp:jrpwrp:2007-057

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Keywords: knowledge; economic growth; entrepreneurship; spillovers; history;

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References

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  1. 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.
  2. Phelps Edmund S., 2006. "Understanding the Great Changes in the World: Gaining Ground and Losing Ground since World War II," Capitalism and Society, De Gruyter, vol. 1(2), pages 1-25, September.
  3. Zoltan Acs & David Audretsch & Erik Lehmann, 2013. "The knowledge spillover theory of entrepreneurship," Small Business Economics, Springer, vol. 41(4), pages 757-774, December.
  4. Furman, Jeffrey L. & MacGarvie, Megan J., 2007. "Academic science and the birth of industrial research laboratories in the U.S. pharmaceutical industry," Journal of Economic Behavior & Organization, Elsevier, vol. 63(4), pages 756-776, August.
  5. Lawrence A. Plummer & Zoltan J. Acs, 2004. "Penetrating the "Knowledge Filter" in Regional Economies," Papers on Entrepreneurship, Growth and Public Policy 2004-38, Max Planck Institute of Economics, Entrepreneurship, Growth and Public Policy Group.
  6. 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.
  7. Rosenberg, Nathan, 1992. "Scientific instrumentation and university research," Research Policy, Elsevier, vol. 21(4), pages 381-390, August.
  8. 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.
  9. Carlsson, Bo, 1992. "The Rise of Small Business: Causes and Consequences," Working Paper Series 357, Research Institute of Industrial Economics.
  10. 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.
  11. Gartner, William B. & Shane, Scott A., 1995. "Measuring entrepreneurship over time," Journal of Business Venturing, Elsevier, vol. 10(4), pages 283-301, July.
  12. Lucas, Robert Jr., 1988. "On the mechanics of economic development," Journal of Monetary Economics, Elsevier, vol. 22(1), pages 3-42, July.
  13. Winter, Sidney G., 1984. "Schumpeterian competition in alternative technological regimes," Journal of Economic Behavior & Organization, Elsevier, vol. 5(3-4), pages 287-320.
  14. Jeffrey L. Furman & Megan MacGarvie, 2007. "Academic Science and the Birth of Industrial Research Laboratories in the U.S. Pharmaceutical Industry," NBER Chapters, in: Academic Science and Entrepreneurship: Dual Engines of Growth National Bureau of Economic Research, Inc.
  15. 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.
  16. 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.
  17. 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.
  18. 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.
  19. Rosenberg, Nathan & Nelson, Richard R., 1994. "American universities and technical advance in industry," Research Policy, Elsevier, vol. 23(3), pages 323-348, May.
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Citations

Blog mentions

As found by EconAcademics.org, the blog aggregator for Economics research:
  1. The “Knowledge Filter” and the New Economy
    by Dick Langlois in Organizations and Markets on 2010-05-28 19:21:44
Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
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Cited by:
  1. Gurrieri, Antonia Rosa, 2008. "Knowledge network dissemination in a family-firm sector," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 37(6), pages 2380-2389, December.
  2. Zoltan J. Acs, 2006. "State of literature on small to medium-size enterprises and entrepreneurship in low-income communities," Proceedings: Community Affairs Dept. Conferences, Federal Reserve Bank of Kansas City, issue Jul, pages 21-54.
  3. Mueller, Pamela, 2005. "Exploiting entrepreneurial opportunities: the impact of entrepreneurship on economic growth," Freiberg Working Papers 2005,16, TU Bergakademie Freiberg, Faculty of Economics and Business Administration.
  4. M. Carree & A. Della Malva & E. Santarelli, 2011. "The Contribution of Universities to Growth: Empirical Evidence for Italy," Working Papers wp793, Dipartimento Scienze Economiche, Universita' di Bologna.
  5. 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.
  6. Mueller, Pamela, 2005. "Exploring the knowledge filter: how entrepreneurship and university-industry relations drive economic growth," Freiberg Working Papers 2005,17, TU Bergakademie Freiberg, Faculty of Economics and Business Administration.
  7. Jan Gunnarsson & Torsten Wallin, 2011. "An evolutionary approach to regional systems of innovation," Journal of Evolutionary Economics, Springer, vol. 21(2), pages 321-340, May.
  8. Zoltan Acs & Lawrence A. Plummer & Ryan Sutter, 2008. "Penetrating the Knowledge Filter in "Rust Belt" Economies," Jena Economic Research Papers 2008-018, Friedrich-Schiller-University Jena, Max-Planck-Institute of Economics.
  9. Pamela Mueller, 2007. "Exploiting Entrepreneurial Opportunities: The Impact of Entrepreneurship on Growth," Small Business Economics, Springer, vol. 28(4), pages 355-362, April.

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  1. Socio-Economics of Innovation

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