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By Andreas Pyka (auth.), Andreas Pyka, Maria da Graça Derengowski Fonseca (eds.)

This publication discusses the impression of technological and institutional swap on improvement and development, the effect on innovation of work markets, the spatial distribution of innovation dynamics, and the that means of information new release and information diffusion techniques for improvement rules. the person articles exhibit the strong chances that emerge from the toolkit of evolutionary and Schumpeterian economics. The ebook exhibits that evolutionary economics will be utilized to the multi-facetted phenomena of financial improvement, and powerful orientation on wisdom and innovation is vital to improvement, specially in much less built and rising economies.

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Extra resources for Catching Up, Spillovers and Innovation Networks in a Schumpeterian Perspective

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Harrod, R. (1948). Towards a dynamic economics. London: Macmillan. Hayek, F. (1981). The flow of goods and services. Lecture at LSE, January 27th available in German as Hayek FA (1984) Der Strom der G€ uter und Leistungen. Walter-Eucken-Institut, Vortr€age und Aufs€atze No. 63, T€ ubingen: Mohr-Siebeck. Hicks, J. (1950). A contribution to the theory of the trade cycle. Oxford: Clarendon. Iyigun, M. (2006). Clusters of invention, life cycle of technologies and endogenous growth. Journal of Economic Dynamics and Control, 30, 687–719.

8 Concluding Remarks Endogenous growth theory has been popular in recent years but problems have arisen with regard to the empirical testing of hypotheses drawn from it. First, there has been criticism of attempts to operationalise endogenous growth theory empirically using cross-country (mainly, Summers and Heston database) data. Second, attempts to graft ‘Schumpeterian’ features on to what is, ostensibly, a non-Schumpeterian analytical framework has meant that it has been very difficult to operationalise the resultant models empirically because of the very strong assumptions made.

The relationship between the three drives the development of the whole economic system in a non-deterministic way. In this light, the process of innovations covers many different changes in technological, organizational, social and political dimensions. Moreover, this phenomenon affects not only industries but also financial markets and the public sector. It is coherent with the Schumpeter’s theory of economic development, in which the bank or the banking system is the second important force behind economic dynamics and every kind of innovation is accompanied by changes in a public sector.

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