Knowledge of growth and the growth of knowledge |
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Authors: | JS Metcalfe |
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Institution: | (1) Centre for Research on Innovation and Competition and School of Economic Studies, University of Manchester, M13 9QH, UK (e-mail: stan.metcalfe@man.ac.uk) , GB |
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Abstract: | The central theme of this address is the complicated relationship between the growth of the economy and the growth of knowledge.
This theme is explored with the help of a single concept “restless capitalism” which is used to capture the idea that capitalism
in equilibrium is a contradiction in terms precisely because the growth of knowledge cannot be meaningfully formulated as
the outcome of a constellation of equilibrating forces. This theme is explored through a discussion of growth accounting,
the relationship between innovation, markets and institutions and, as an example, the development of innovation in the field
of ophthalmology. We also discuss some pioneering contributions made by Simon Kuznets and Arthur Burns to the discussion of
evolutionary growth. From this Schumpeterian perspective we see the economy as an ensemble not an aggregate entity and so
see more clearly the importance of microdiversity in the relationship between growth of knowledge and growth of the economy. |
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Keywords: | :Growth – Knowledge – Evolution – Innovation – Institutions |
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