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Exploring the capital goods economy: complex product systems in the UK

Author

Listed:
  • Virginia Acha
  • Andrew Davies
  • Michael Hobday
  • Ammon Salter

Abstract

Over the past decade, qualitative empirical research at the firm, project and industry levels has improved our understanding of the characteristics and dynamics of innovation in the high technology, high value capital goods or 'complex product systems' (CoPS) which underpin modern industrial activity. This paper describes the development of a new industrial classification system for CoPS which is able to estimate quantitative shares of production and value added accounted for by CoPS at the economy level. It is also able to provide insights into the capital, information technology and skill intensity of CoPS, as well as employment contributions. As an example, the method is applied to one major industrial economy, namely the UK. Through a comparison of CoPS with non-CoPS industries, the paper identifies some of the key factors which explain the different patterns of innovation between the two types of industrial activity. Although preliminary, the analysis shows that CoPS-based industries together represent a distinctive class of industrial activity. Based on the classification system provided, further research is underway to examine cross-country comparisons in both production and trade performance, through time. Copyright 2004, Oxford University Press.

Suggested Citation

  • Virginia Acha & Andrew Davies & Michael Hobday & Ammon Salter, 2004. "Exploring the capital goods economy: complex product systems in the UK," Industrial and Corporate Change, Oxford University Press, vol. 13(3), pages 505-529, June.
  • Handle: RePEc:oup:indcch:v:13:y:2004:i:3:p:505-529
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    References listed on IDEAS

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    1. Storey, D. J. & Tether, B. S., 1998. "New technology-based firms in the European union: an introduction," Research Policy, Elsevier, pages 933-946.
    2. Dunne, Paul & Hughes, Alan, 1994. "Age, Size, Growth and Survival: UK Companies in the 1980s," Journal of Industrial Economics, Wiley Blackwell, vol. 42(2), pages 115-140, June.
    3. André Stel & Martin Carree & Roy Thurik, 2005. "The Effect of Entrepreneurial Activity on National Economic Growth," Small Business Economics, Springer, pages 311-321.
    4. Harrison, Rupert & Jaumandreu, Jordi & Mairesse, Jacques & Peters, Bettina, 2014. "Does innovation stimulate employment? A firm-level analysis using comparable micro-data from four European countries," International Journal of Industrial Organization, Elsevier, pages 29-43.
    5. Licht, Georg & Nerlinger, Eric A., 1997. "New Technology-Based Firms in Germany: A Survey of the Recent Evidence," ZEW Discussion Papers 97-18, ZEW - Zentrum für Europäische Wirtschaftsforschung / Center for European Economic Research.
    6. Andrea Vaona & Mario Pianta, 2008. "Firm Size and Innovation in European Manufacturing," Small Business Economics, Springer, pages 283-299.
    7. Dirk Czarnitzki & Kornelius Kraft, 2007. "Are credit ratings valuable information?," Applied Financial Economics, Taylor & Francis Journals, pages 1061-1070.
    8. Roger Koenker & Kevin F. Hallock, 2001. "Quantile Regression," Journal of Economic Perspectives, American Economic Association, pages 143-156.
    9. Kraft, Kornelius & Czarnitzki, Dirk, 2004. "Are Credit Ratings Valuable Information?," ZEW Discussion Papers 04-07, ZEW - Zentrum für Europäische Wirtschaftsforschung / Center for European Economic Research.
    10. Koenker,Roger, 2005. "Quantile Regression," Cambridge Books, Cambridge University Press, number 9780521845731, November.
    11. Dachs, Bernhard & Peters, Bettina, 2013. "Innovation, employment growth, and foreign ownership of firms: A European perspective," ZEW Discussion Papers 13-019, ZEW - Zentrum für Europäische Wirtschaftsforschung / Center for European Economic Research.
    12. Dachs, Bernhard & Peters, Bettina, 2014. "Innovation, employment growth, and foreign ownership of firms," Research Policy, Elsevier, pages 214-232.
    13. Licht, Georg & Nerlinger, Eric, 1998. "New technology-based firms in Germany: a survey of the recent evidence," Research Policy, Elsevier, pages 1005-1022.
    14. Schneider, Cedric & Veugelers, Reinhilde, 2008. "On Young Innovative Companies: Why they matter and how (not) to policy support them," Working Papers 04-2008, Copenhagen Business School, Department of Economics.
    15. Czarnitzki, Dirk & Kraft, Kornelius, 2004. "Innovation indicators and corporate credit ratings: evidence from German firms," Economics Letters, Elsevier, vol. 82(3), pages 377-384, March.
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    Cited by:

    1. Felipe, Jesus & Kumar, Utsav & Abdon, Arnelyn & Bacate, Marife, 2012. "Product complexity and economic development," Structural Change and Economic Dynamics, Elsevier, vol. 23(1), pages 36-68.
    2. Huenteler, Joern & Ossenbrink, Jan & Schmidt, Tobias S. & Hoffmann, Volker H., 2016. "How a product’s design hierarchy shapes the evolution of technological knowledge—Evidence from patent-citation networks in wind power," Research Policy, Elsevier, pages 1195-1217.
    3. repec:eee:tefoso:v:122:y:2017:i:c:p:253-261 is not listed on IDEAS
    4. repec:eee:tefoso:v:122:y:2017:i:c:p:215-230 is not listed on IDEAS
    5. Kiamehr, Mehdi & Hobday, Mike & Hamedi, Mohsen, 2015. "Latecomer firm strategies in complex product systems (CoPS): The case of Iran’s thermal electricity generation systems," Research Policy, Elsevier, pages 1240-1251.

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