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Knowledge spillover entrepreneurship in an endogenous growth model

Acs, Zoltan J. and Sanders, Mark W. J. L. (2013) Knowledge spillover entrepreneurship in an endogenous growth model. Small Business Economics, 41 (4). pp. 775-795. ISSN 0921-898X

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Identification Number: 10.1007/s11187-013-9506-8

Abstract

We present a model that separates entrepreneurship from profit-motivated corporate R&D aimed at improving existing production processes. Our model embeds the core idea of the knowledge spillover theory of entrepreneurship in established knowledge-based growth models by enriching their knowledge spillover structure. Introducing knowledge spillovers drives a wedge between the optimal and market allocation of resources between new knowledge creation and commercialization. We show the first best allocation depends exclusively on the relative strength of knowledge spillovers between them and derive propositions to guide policy that can bring the market equilibrium closer to this optimum.

Item Type: Article
Official URL: http://link.springer.com/journal/11187
Additional Information: © 2013 Springer Science+Business Media
Divisions: Management
Subjects: H Social Sciences > HB Economic Theory
JEL classification: L - Industrial Organization > L2 - Firm Objectives, Organization, and Behavior > L20 - General
O - Economic Development, Technological Change, and Growth > O3 - Technological Change; Research and Development > O31 - Innovation and Invention: Processes and Incentives
O - Economic Development, Technological Change, and Growth > O3 - Technological Change; Research and Development > O33 - Technological Change: Choices and Consequences; Diffusion Processes
O - Economic Development, Technological Change, and Growth > O4 - Economic Growth and Aggregate Productivity > O41 - One, Two, and Multisector Growth Models
R - Urban, Rural, and Regional Economics > R5 - Regional Government Analysis > R58 - Regional Development Policy
Sets: Departments > Management
Date Deposited: 09 Apr 2014 09:40
Last Modified: 20 Sep 2019 01:46
URI: http://eprints.lse.ac.uk/id/eprint/56432

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