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What's New about the New Economy?

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  • Audretsch, David B
  • Thurik, A Roy

Abstract

The purpose of this paper is to document the fundamental shift that is taking place in OECD countries. This shift is from the managed economy to the entrepreneurial economy. While politicians and policymakers have made a plea for guidance in the era of entrepreneurship, scholars have been slow to respond. This paper attempts to make a first step identifying and articulating these differences. We do this by contrasting the most fundamental elements of the newly emerging entrepreneurial economy with those of the managed economy. We identify 14 trade-offs confronting these two polar worlds. The common thread throughout these trade-offs is the increased role of new and small enterprises in the entrepreneurial economy. A particular emphasis is placed on changes in economic policy demanded by the entrepreneurial economy vis-a-vis the managed economy. Copyright 2001 by Oxford University Press.

Suggested Citation

  • Audretsch, David B & Thurik, A Roy, 2001. "What's New about the New Economy?," Industrial and Corporate Change, Oxford University Press and the Associazione ICC, vol. 10(1), pages 267-315, March.
    • Handle: RePEc:oup:indcch:v:10:y:2001:i:1:p:267-315
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    Cited by:

    1. Isabel Neira & Nuria Calvo & Loreto Fernández & Marta Portela, 2017. "Entrepreneur: do social capital and culture matter?," International Entrepreneurship and Management Journal, Springer, vol. 13(2), pages 665-683, June.
    2. Alfonso Gambardella & Marco Giarratana, 2004. "Chandlerian Firms vs. Entrepreneurship," LEM Papers Series 2004/12, Laboratory of Economics and Management (LEM), Sant'Anna School of Advanced Studies, Pisa, Italy.
    3. Block, Joern & Spiegel, Frank, 2011. "Family Firms and Regional Innovation Activity: Evidence from the German Mittelstand," MPRA Paper 28604, University Library of Munich, Germany.
    4. Jolanda Hessels & Marco Gelderen & Roy Thurik, 2008. "Entrepreneurial aspirations, motivations, and their drivers," Small Business Economics, Springer, vol. 31(3), pages 323-339, October.
    5. Jacinto Brito González, 2004. "Conocimiento, geografía e instituciones: Una aproximación a la problemática del crecimiento en el archipiélago canario," Documentos de trabajo conjunto ULL-ULPGC 2004-03, Facultad de Ciencias Económicas de la ULPGC.
    6. Zoltan Acs & Sameeksha Desai & Jolanda Hessels, 2008. "Entrepreneurship, economic development and institutions," Small Business Economics, Springer, vol. 31(3), pages 219-234, October.
    7. Audretsch, David & Sanders, Mark, 2007. "Globalization and the Rise of the Entrepreneurial Economy," CEPR Discussion Papers 6247, C.E.P.R. Discussion Papers.
    8. Werner Hölzl & Peter Huber & Serguei Kaniovski & Michael Peneder, 2006. "Teilstudie 20: Neugründung und Entwicklung von Unternehmen," WIFO Studies, WIFO, number 27459.
    9. E. Santarelli, 2001. "The Diffusion of E-commerce at the Firm Level: Theoretical Implications and Empirical Evidence," Working Papers 428, Dipartimento Scienze Economiche, Universita' di Bologna.
    10. Audretsch, David B. & Lehmann, Erik E. & Warning, Susanne, 2005. "University spillovers and new firm location," Research Policy, Elsevier, vol. 34(7), pages 1113-1122, September.
    11. Erik Lehmann & Thorsten Braun & Sebastian Krispin, 2012. "Entrepreneurial human capital, complementary assets, and takeover probability," The Journal of Technology Transfer, Springer, vol. 37(5), pages 589-608, October.
    12. Massón Guerra, José Luis, 2007. "El capital empresarial como determinante de la productividad y el crecimiento en España [The Impact of Entrepreneurship Capital on Spanish's Labor Productivity and Economic Growth]," MPRA Paper 4073, University Library of Munich, Germany.
    13. Akgun, A.A. & Baycan, T. & Nijkamp, P., 2011. "Repositioning rural areas as promising future hot spots," Serie Research Memoranda 0013, VU University Amsterdam, Faculty of Economics, Business Administration and Econometrics.
    14. James Hayton & Gabriella Cacciotti, 2014. "Is there an entrepreneurial culture? A review of empirical research," Research Papers 0016, Enterprise Research Centre.
    15. Stephen Dobson & John Goddard, 2008. "Strategic Behaviour and Risk Taking in Football," Working Papers 0805, University of Crete, Department of Economics.
    16. André van Stel & Roy Thurik & Chantal Hartog & Simon Parker, 2010. "The two-way relationship between entrepreneurship and economic performance," Scales Research Reports H200822, EIM Business and Policy Research.
    17. Wilson Suzigan & João Furtado & Renato Garcia, 2007. "Designing Policies for Local Production Systems: A Methodology Based on Evidence from Brazil," Economia, ANPEC - Associação Nacional dos Centros de Pós-Graduação em Economia [Brazilian Association of Graduate Programs in Economics], vol. 8(1), pages 161-186.
    18. Welter, Friederike & May-Strobl, Eva & Wolter, Hans-Jürgen & Günterberg, Brigitte, 2014. "Mittelstand im Wandel," IfM-Materialien 232, Institut für Mittelstandsforschung (IfM) Bonn.
    19. Wilson Suzigan & Joao Furtado & Renato Garcia & Sergio Sampaio, 2005. "Knowledge, Innovation and Agglomeration - regionalized multiple indicators and evidence from Brazil," ERSA conference papers ersa05p362, European Regional Science Association.
    20. Wenwen Wang, 2021. "The heterogeneity of agglomeration effect: Evidence from Chinese cities," Growth and Change, Wiley Blackwell, vol. 52(1), pages 392-424, March.
    21. Domingo Soriano & Salvador Dobon, 2009. "Linking globalization of entrepreneurship in small organizations," Small Business Economics, Springer, vol. 32(3), pages 233-239, March.

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