The missing link: knowledge diffusion and entrepreneurship in endogenous growth |
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Authors: | Pontus Braunerhjelm Zoltan J Acs David B Audretsch Bo Carlsson |
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Institution: | (1) Department of Transport and Economics, Royal Institute of Technology, 100 44 Stockholm, Sweden;(2) George Mason University, 4400 University Drive, MSN 3C6, Fairfax, VA 22030, USA;(3) Indiana University Bloomington, 1315 E. 10th Street, SPEA Suite 201, Bloomington, IN 47405, USA;(4) Case Western Reserve University, Peter B. Lewis Building, Cleveland, OH 44106-7235, USA |
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Abstract: | The intellectual breakthrough contributed by the new growth theory was the recognition that investments in knowledge and human
capital endogenously generate economic growth through the spillover of knowledge. However, endogenous growth theory does not
explain how or why spillovers occur. This paper presents a model that shows how growth depends on knowledge accumulation and
its diffusion through both incumbents and entrepreneurial activities. We claim that entrepreneurs are one missing link in
converting knowledge into economically relevant knowledge. Implementing different regression techniques for the Organisation
for Economic Co-operation and Development (OECD) countries during 1981 to 2002 provides surprisingly robust evidence that
primarily entrepreneurs contributed to growth and that the importance of entrepreneurs increased in the 1990s. A Granger test
confirms that causality goes in the direction from entrepreneurs to growth. The results indicate that policies facilitating
entrepreneurship are an important tool to enhance knowledge diffusion and promote economic growth. |
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