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Theory and empirics of capability accumulation: Implications for macroeconomic modeling

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  • Aistleitner, Matthias
  • Gräbner, Claudius
  • Hornykewycz, Anna

Abstract

The accumulation of new technological capabilities is of high empirical relevance, both for the development of countries and the business success of firms. This paper aims to delineate strategies for the consideration of processes of capability accumulation in comprehensive macroeconomic models. It comprises a methodological discussion about the preconditions for macroeconomic models to consider insights from the applied business literature, as well as an extensive review of the literature specialized on capability accumulation on the firm and aggregated level. In doing so, it summarizes evidence on various determinants and mechanisms of capability accumulation and aligns them with the current representation of capability accumulation in macroeconomic models. Based on these results, it offers some suggestions on how macroeconomists may integrate these determinants derived from the specialized literature into their models.

Suggested Citation

  • Aistleitner, Matthias & Gräbner, Claudius & Hornykewycz, Anna, 2021. "Theory and empirics of capability accumulation: Implications for macroeconomic modeling," Research Policy, Elsevier, vol. 50(6).
    • Handle: RePEc:eee:respol:v:50:y:2021:i:6:s0048733321000615
    DOI: 10.1016/j.respol.2021.104258
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    3. Gräbner-Radkowitsch, Claudius & Strunk, Birte, 2023. "Degrowth and the Global South: The twin problem of global dependencies," Ecological Economics, Elsevier, vol. 213(C).
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    5. Carlo Bottai & Martina Iori, 2022. "The Knowledge Complexity of the European Metropolitan Areas: Selecting and Clustering Their Hidden Features," LEM Papers Series 2022/38, Laboratory of Economics and Management (LEM), Sant'Anna School of Advanced Studies, Pisa, Italy.
    6. Giovanni Carnazza & Pierluigi Vellucci, 2022. "Network analysis and Eurozone trade imbalances," Papers 2209.09837, arXiv.org.
    7. Erzurumlu, S. Sinan & Erzurumlu, Yaman O. & Yoon, YongKi, 2022. "National innovation systems and dynamic impact of institutional structures on national innovation capability: A configurational approach with the OKID method," Technovation, Elsevier, vol. 114(C).
    8. Claudius Gräbner & Anna Hornykewycz, 2022. "Capability accumulation and product innovation: an agent-based perspective," Journal of Evolutionary Economics, Springer, vol. 32(1), pages 87-121, January.
    9. Jiahui Xu & Chee-Pung Ng & Toong Hai Sam & Asokan Vasudevan & Poh Kiong Tee & Alex Hou Hong Ng & Wong Chee Hoo, 2023. "Fiscal and Tax Policies, Access to External Financing and Green Innovation Efficiency: An Evaluation of Chinese Listed Firms," Sustainability, MDPI, vol. 15(15), pages 1-19, July.
    10. Terranova, Roberta & Turco, Enrico M., 2022. "Concentration, stagnation and inequality: An agent-based approach," Journal of Economic Behavior & Organization, Elsevier, vol. 193(C), pages 569-595.
    11. Han, Junhee & Lee, Keun, 2022. "Heterogeneous technology and specialization for economic growth beyond the middle-income stage," Economic Modelling, Elsevier, vol. 112(C).
    12. Radosevic, Slavo, 2022. "Techno-economic transformation in Eastern Europe and the former Soviet Union – A neo-Schumpeterian perspective," Research Policy, Elsevier, vol. 51(1).

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    More about this item

    Keywords

    Capability accumulation; Complexity; Economic development; Innovation; Technological change; Agent-based modeling; Endogenous growth; Knowledge accumulation and learning;
    All these keywords.

    JEL classification:

    • B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology
    • B52 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Historical; Institutional; Evolutionary; Modern Monetary Theory;
    • D2 - Microeconomics - - Production and Organizations
    • M2 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Economics
    • O3 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights
    • O33 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Technological Change: Choices and Consequences; Diffusion Processes

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