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Entrepreneurship, Knowledge and Economic Growth

  • Braunerhjelm, Pontus

Knowledge plays a critical role in economic development, still our understanding of how knowledge is created, diffused and converted into growth, is fragmented and partial. The neoclassical growth models disregarded the entrepreneur and viewed knowledge as an exogenous factor. Contemporary current knowledge-based growth models have re-introduced the notion of the entrepreneur, however stripped of its most typical characteristics, and the diffusion of knowledge is kept exogenous. It implies that the predictions and policy conclusions derived from these models may be flawed. This paper reviews the literature that addresses the issues of knowledge creation, knowledge diffusion and growth, and the role attributed the entrepreneur in such dynamic processes. I will explore how these insights can be integrated into existing growth models and suggest a more thorough microeconomic foundations from which empirically testable hypotheses can be derived.

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File URL: http://dx.doi.org/10.1561/0300000013
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Article provided by now publishers in its journal Foundations and Trends(R) in Entrepreneurship.

Volume (Year): 4 (2008)
Issue (Month): 5 (April)
Pages: 451-533

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Handle: RePEc:now:fntent:0300000013
Contact details of provider: Web page: http://www.nowpublishers.com/

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