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The Knowledge Filter, Entrepreneurship, and Economic Growth

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  • 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
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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. Zoltan Acs & Pontus Braunerhjelm & David Audretsch & Bo Carlsson, 2009. "The knowledge spillover theory of entrepreneurship," Small Business Economics, Springer, vol. 32(1), pages 15-30, January.
  2. 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.
  3. 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.
  4. 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.
  5. Rosenberg, Nathan & Nelson, Richard R., 1994. "American universities and technical advance in industry," Research Policy, Elsevier, vol. 23(3), pages 323-348, May.
  6. 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.
  7. Zoltan J. Acs & David B. Audretsch & Pontus Braunerhjelm & Bo Carlsson, 2005. "Growth and Entrepreneurship: An Empirial Assessment," Papers on Entrepreneurship, Growth and Public Policy 2005-32, Max Planck Institute of Economics, Entrepreneurship, Growth and Public Policy Group.
  8. 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.
  9. 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.
  10. Gartner, William B. & Shane, Scott A., 1995. "Measuring entrepreneurship over time," Journal of Business Venturing, Elsevier, vol. 10(4), pages 283-301, July.
  11. 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.
  12. Winter, Sidney G., 1984. "Schumpeterian competition in alternative technological regimes," Journal of Economic Behavior & Organization, Elsevier, vol. 5(3-4), pages 287-320.
  13. 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.
  14. 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.
  15. 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.
  16. Lucas, Robert Jr., 1988. "On the mechanics of economic development," Journal of Monetary Economics, Elsevier, vol. 22(1), pages 3-42, July.
  17. Carlsson, Bo, 1992. "The Rise of Small Business: Causes and Consequences," Working Paper Series 357, Research Institute of Industrial Economics.
  18. Rosenberg, Nathan, 1992. "Scientific instrumentation and university research," Research Policy, Elsevier, vol. 21(4), pages 381-390, August.
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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
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Cited by:
  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.
  2. 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.
  3. Maribel Guerrero & David Urbano, 2014. "Academics’ start-up intentions and knowledge filters: an individual perspective of the knowledge spillover theory of entrepreneurship," Small Business Economics, Springer, vol. 43(1), pages 57-74, June.
  4. Zoltan J. Acs & Kadri Kallas, 2007. "State of Literature on Small to Medium-Size Enterprises and Entrepreneurship in Low-Income Communities," Papers on Entrepreneurship, Growth and Public Policy 2007-03, Max Planck Institute of Economics, Entrepreneurship, Growth and Public Policy Group.
  5. Zoltan Acs & Lawrence Plummer & Ryan Sutter, 2009. "Penetrating the knowledge filter in “rust belt” economies," The Annals of Regional Science, Springer, vol. 43(4), pages 989-1012, December.
  6. 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.
  7. 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.
  8. Martin Carree & Antonio Malva & Enrico Santarelli, 2014. "The contribution of universities to growth: empirical evidence for Italy," The Journal of Technology Transfer, Springer, vol. 39(3), pages 393-414, June.
  9. 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.
  10. 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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