Scientific Paradigms,Entrepreneurial Opportunities and Cycles in Economic Growth |
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Authors: | Mark Sanders |
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Institution: | (1) Tjalling Koopmans Institute, Utrecht University, Utrecht, Netherlands;(2) Evolutionary Economics Group, Max Planck Institute of Economics, Kahlaische Strasse 10, 07745 Jena, Germany |
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Abstract: | In this paper I present a model of economic growth that combines insights from endogenous growth theory, the field of entrepreneurship
research and the philosophy and economics of science. The model is built on three relatively standard assumptions and a Kuhnian
approach to scientific knowledge accumulation. I assume that innovation generates economic growth, that opportunity driven
entrepreneurship is an important source of innovation, that entrepreneurial opportunities increasingly arise out of scientific
knowledge creation and that science follows Kuhnian paradigm shifting dynamics. The model then generates opportunity driven
cycles in entrepreneurial activity that in turn cause waves of innovation and cycles in economic growth. This result is highly
relevant and fills a gap in all three literatures as ‚traditional’ endogenous growth models typically generate constant growth
rates in the steady state, entrepreneurship research keeps the origin of entrepreneurial opportunity exogenous and the literatures
on the philosophy and economics of science ignore the important downstream economic implications of the non-profit driven
institutional framework that governs scientific knowledge accumulation. This paper contributes by identifying scientific institutions
and entrepreneurial activity as prerequisites for economic growth and it offers a tentative explanation for the rise and fall
in the levels of scientific, entrepreneurial and economic activity over the Kondratieff-cycle.
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Keywords: | endogenous growth theory entrepreneurship paradigms scientific institutions |
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