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The Venturesome Economy: How Innovation Sustains Prosperity in a More Connected World

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  • Amar Bhidé

Abstract

Many observers have warned that the next stage of globalization-the offshoring of research and development to China and India-threatens the foundations of Western prosperity. But in this article, the author explains why the doomsayers are likely to be wrong. Copyright Copyright (c) 2009 Morgan Stanley.

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  • Amar Bhidé, 2009. "The Venturesome Economy: How Innovation Sustains Prosperity in a More Connected World," Journal of Applied Corporate Finance, Morgan Stanley, vol. 21(1), pages 8-23.
  • Handle: RePEc:bla:jacrfn:v:21:y:2009:i:1:p:8-23
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    References listed on IDEAS

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    1. Zvi Griliches, 1998. "Productivity, R&D, and the Data Constraint," NBER Chapters,in: R&D and Productivity: The Econometric Evidence, pages 347-374 National Bureau of Economic Research, Inc.
    2. Richard R. Nelson, 2006. "What Makes an Economy Productive and Progressive? What Are the Needed Institutions?," LEM Papers Series 2006/24, Laboratory of Economics and Management (LEM), Sant'Anna School of Advanced Studies, Pisa, Italy.
    3. von Hippel, Eric, 1976. "The dominant role of users in the scientific instrument innovation process," Research Policy, Elsevier, vol. 5(3), pages 212-239, July.
    4. Cohen, Wesley M & Levinthal, Daniel A, 1989. "Innovation and Learning: The Two Faces of R&D," Economic Journal, Royal Economic Society, vol. 99(397), pages 569-596, September.
    5. Edwin Mansfield & John Rapoport & Anthony Romeo & Samuel Wagner & George Beardsley, 1977. "Social and Private Rates of Return from Industrial Innovations," The Quarterly Journal of Economics, Oxford University Press, vol. 91(2), pages 221-240.
    6. Edmund S. Phelps, 2008. "Macroeconomics for a Modern Economy," The American Economist, Sage Publications, vol. 52(1), pages 3-22, March.
    7. Nelson, Richard R & Wright, Gavin, 1992. "The Rise and Fall of American Technological Leadership: The Postwar Era in Historical Perspective," Journal of Economic Literature, American Economic Association, vol. 30(4), pages 1931-1964, December.
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    Cited by:

    1. Mozhdeh Mokhber & Gi G. Tan & Amin Vakilbashi & Nor Aiza Mohd Zamil & Rohaida Basiruddin, 2016. "Impact of Entrepreneurial Leadership on Organization Demand for Innovation: Moderating Role of Employees Innovative Selfefficacy," International Review of Management and Marketing, Econjournals, vol. 6(3), pages 415-421.

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