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on Innovation |
| By: | Henrekson, Magnus (Research Institute of Industrial Economics (IFN)); Sanandaji, Tino (Institute for Economic and Business History Research (EHFF), Stockholm School of Economics) |
| Abstract: | Venture capital has become a dominant form of innovation finance, used by many high-tech startups. Europe lags the U.S. in both VC activity and the creation of successful startups, and has recently been surpassed by China. Few European countries have rates of VC activity commensurable to their deep financial markets, strong legal institutions and high R&D spending. This paper points to the tax treatment of employee stock options as an important and neglected explanation. Innovative entrepreneurship is a complex activity that normally requires support structures and collaboration by actors providing financial and human capital to startups. As a response to high uncertainty and transaction costs, VC financiers developed a model where founders and key recruitments are compensated with stock options under complex contracts. While most countries tax stock options as labor earnings, the U.S. allow them to be taxed at a low capital gains tax rate. This has led to near universal use of stock options in U.S. VC deals, while this remains less common in Europe. There is a strong correlation between favorable tax treatment of employee stock options and VC activity. We discuss the interaction between tax policy and contract theory to show why employee stock options are a suitable solution to agency and incentive problems in this sector. A major advantage of this tax policy is that it narrowly targets entrepreneurial startups without requiring broad tax cuts. |
| Keywords: | Business taxation; Corporate governance; Entrepreneurship; Innovation; Institutions; Tax policy; Stock options; Venture capital |
| JEL: | H25 H30 K34 L26 |
| Date: | 2017–05–12 |
| URL: | http://d.repec.org/n?u=RePEc:hhs:iuiwop:1168&r=ino |
| By: | Badulescu, Daniel; Cadar, Otilia |
| Abstract: | Entrepreneurship is considered an essential element for the development and prosperity of contemporary economies. The already known traits: creating jobs, boosting growth, revenues to the state budget, are supplemented by vitality and adaptability, and not least, a capacity for innovation. Thus, innovation became one of the most important factors in the companies’ activity. However, innovation doesn’t only mean new products and services. It is closely related to the capacity of entrepreneurs and managers to apply new business models, embedding an organizational culture capable to identify how new ideas could be converted into value for business and society. Innovation supports the efforts of ambitious entrepreneurs to pursue their objectives and stimulate other potential entrepreneurs to enter into businesses. Innovation generates, directly and indirectly, positive effects not only within a company but also within the national economy, as a whole. Despite this empirical evidence, the link between entrepreneurship and innovation is difficult to describe, to introduce it in strong theoretical models, in order to substantiate viable political programs. First, only a relatively small part of entrepreneurs really innovate. Secondly, researchers reveal deep, but subtle, ties between the entrepreneurs’ profile, availability for innovation and effects on states’ competitiveness and prosperity. Finally, the number (or proportion) of entrepreneurs isn’t the most relevant, but their availability to innovate, the type of innovation chosen and, especially, how entrepreneurial organizations stimulate innovative initiatives among their employees (intrapreneurship). From this point of view, Romania's situation is difficult and challenging. The importance and size of the sector, entrepreneurial motivations, or the share of early stage innovative entrepreneurs indicate an average position at a global or European Union (EU) level. However, Romania is a modest innovator, often ranked last in the EU for a several innovation indicators, and its innovation performance in 2014 is at a significantly lower level compared to 2007. The poorest relative performance has been registered for the Linkages & entrepreneurship indicator. Our research also performs a comparison between entrepreneurship and innovation indicators, for Romania and selected Central and Eastern European states, to better understand the gap regarding a reasonable performance in innovation. |
| Keywords: | innovation, entrepreneurship, competitiveness, EU, Romania |
| JEL: | L26 M21 O31 |
| Date: | 2016–05–26 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:78924&r=ino |
| By: | Daniel Nepelski (European Commission - JRC); Marc Bogdanowicz; Federico Biagi (European Commission - JRC); Paul Desruelle (European Commission - JRC); Giuditta De Prato (European Commission - JRC); Garry Gabison (European Commission - JRC); Giuseppe Piroli; Annarosa Pesole (European Commission - JRC); Nikolaus Thumm (European Commission - JRC); Vincent Van Roy (European Commission - JRC) |
| Abstract: | This report attempts to summarise findings and conclusions of over 30 studies published within the EURIPIDIS project (European Innovation Policies for the Digital Shift). The objective of EURIPIDIS was to better understand how digital innovation and entrepreneurship work; to assess the EU's digital innovation and entrepreneurship performance; and to suggest how policy makers could make digital innovation and entrepreneurship in the EU work better. Because digital technologies facilitate the modernization of firms and economies, digital innovation and entrepreneurship requires a comprehensive policy response. The current report focuses on 7 issues. (1) Digital innovation and entrepreneurship require skills and capabilities ranging from technical, managerial and financial; entrepreneurial culture; failure acceptance; large funding and innovation-friendly regulatory environment. Capacity building and specific policies are needed in all those fields. (2) Resisting digital disruption and protecting the status quo is likely to be a short-term strategy. Negative social and economic effects need to be mitigated. (3) The ecosystem of digital innovation and entrepreneurship consists of a wide range of different players. Policy responses need to address this heterogeneity. (4) Digital innovation and entrepreneurship takes place through collaborative interactions between various players. To facilitate collaboration, knowledge flow and spillovers need to become a more central focus of public policies. (5) In addition to increasing funding for innovation, closer attention needs to be paid to the availability of funding for scaling-up of digital enterprises. (6) To guarantee technological interoperability and create technology-related network effects, coordination between various players to, for example, set technological standards is needed. (7) Technological complexity combined with the cumulativeness of digital innovation requires a balance between two conflicting goals: the provision of incentives to create new products and the stimulation of knowledge dissemination. |
| Keywords: | ICT, digital economy, big data, innovation |
| Date: | 2017–04 |
| URL: | http://d.repec.org/n?u=RePEc:ipt:iptwpa:jrc104899&r=ino |
| By: | Henrekson, Magnus (Research Institute of Industrial Economics (IFN)); Sanandaji, Tino (Institute for Economic and Business History Research (EHFF), Stockholm School of Economics) |
| Abstract: | We examine whether Europe has an “entrepreneurship deficit” compared to other industrialized regions. Cross-country comparisons are difficult due to the lack of standard empirical definitions of entrepreneurship. Measures focusing on small business activity and startup rates suggest that Europe has the same or higher rates of entrepreneurship than the U.S. and East Asia. However, most business activity is not entrepreneurial in the Schumpeterian sense. We rely on empirical measures that more closely tally Schumpeterian entrepreneurship. These include top global firms founded in recent decades, highly valued unicorn startups, venture capital investments as a share of GDP, and the number of self-made dollar billionaires per capita who earned their wealth by creating new firms. Western Europe is shown to underperform in all four measures of high-impact Schumpeterian entrepreneurship relative to the U.S. Once we account for Europe’s strong performance in technological innovation, an “entrepreneurship deficit” relative to China and East Asia becomes apparent. This underperformance is missed by most standard measures, but captured by the GEM measure China is found to perform surprisingly well in Schumpeterian entrepreneurship, especially compared to Eastern Europe. |
| Keywords: | Billionaire entrepreneurs; Entrepreneurship; Innovation; Institutions; Regulation; Self-employment |
| JEL: | L50 M13 O31 P14 |
| Date: | 2017–05–16 |
| URL: | http://d.repec.org/n?u=RePEc:hhs:iuiwop:1170&r=ino |
| By: | XU Peng |
| Abstract: | This paper empirically investigates the effect of banks' soft information on small business innovations. Using data from a sample of Japanese small and medium enterprises (SMEs), we find that multiple banking prevails. Moreover, besides the main bank, the sub bank also acquires soft information for a number of multiple banking firms. Nonetheless, there coexists no bank information: the main bank's information monopoly and multiple bank information competition. Importantly, such information competition in multiple banking is positively related to both product and process innovation while the main bank's information monopoly has no significant effects on innovation. Also, we offer additional consistent evidence that information competition decreases the likelihood of worsening of the lending attitude of the main bank during the financial crisis. For single banking firms, bank information monopolies have a negative effect on product and process innovation. |
| Date: | 2017–04 |
| URL: | http://d.repec.org/n?u=RePEc:eti:dpaper:17062&r=ino |
| By: | IINO Takashi; INOUE Hiroyasu; SAITO Yukiko; TODO Yasuyuki |
| Abstract: | Using worldwide patent data and considering co-assignment as collaboration between firms, we compare the characteristics of international collaboration. Then, we examine the effect of knowledge propagation through collaboration on the quality of innovation. Introducing indices proposed in network science to capture firms' status in networks is the feature of this paper. We found collaborations of Japanese firms are less internationalized compared to other countries while Japanese firms tend to collaborate more than others, i.e., they intensively collaborate within a country. However, intensive collaboration within the country doesn't necessary improve the quality of innovation. Instead, firms bridging firms in different groups and creating various connections produce high-quality innovation. This is contrary to U.S. firms which benefit from various type of connections, including intensity of networks. This implies that it is difficult to improve innovation quality by knowledge propagation through collaboration for firms in many countries including Japan. |
| Date: | 2017–04 |
| URL: | http://d.repec.org/n?u=RePEc:eti:rdpsjp:17034&r=ino |
| By: | Loet Leydesdorff (University of Amsterdam); Henry Etzkowitz (International Triple Helix Institute (ITHI),); Inga Ivanova (Institute for Statistical Studies and Economics of Knowledge, National Research University Higher School of Economics (NRU HSE),); Martin Meyer (Kent Business School,) |
| Abstract: | In university-industry-government relations, one not only exchanges information, but can also share meanings provided from partially overlapping perspectives. Such sharing of meanings invokes different codes of communication and generates redundancies. Redundancy can be measured as the number of options not yet realized in a system of innovations. The generation of new options is probably more important for the quality of knowledge-based innovation systems than prior achievements. Three levels of communication can be distinguished: the communication of information in networks of relations, the sharing of meaning among differently positioned agents in a multi-dimensional vector space, and codes of communication (“horizons of meaning”) which “structurate” meaning processing among reflexive agents. Scientometricians have mainly studied the communication of information; new options, however, are generated and entertained discursively in the knowledge base. The Triple-Helix synergy indicator enables us to measure the generation of redundancy as feedback on historical trajectories. In a number of studies of national systems of innovation (e.g., Sweden, Germany, Spain, China), this measure was used to indicate niches (e.g., regions) in which uncertainty is reduced. Reduction of uncertainty improves the entrepreneurial climate for innovation. The quality of an innovation system can thus be quantified at different geographical scales and in terms of different sectors, such as high- and medium-tech manufacturing or knowledge-intensive services. |
| Keywords: | Triple Helix; Non-linear Dynamics; University-Industry-Government Relations; Redundancy; Innovation Systems; Knowledge Base |
| URL: | http://d.repec.org/n?u=RePEc:sru:ssewps:2017-08&r=ino |
| By: | Taishi Sugiyama; John A. “Skip” Laitner |
| Abstract: | The dynamics of recent innovations of Information and Communication Technologies (ICT) and others is better captured by the complex systems theory than traditional innovation systems theory. The analysis based upon complex systems theory leads us to distinct and more positive future prospects and cost-effective policy implications for mitigating global warming. Massive emission cut of greenhouse gas will be possible through the policies that promote innovation and economic development. |
| Date: | 2017–05 |
| URL: | http://d.repec.org/n?u=RePEc:cnn:wpaper:17-005e&r=ino |
| By: | Adam Jørring; Andrew W. Lo; Tomas J. Philipson; Manita Singh; Richard T. Thakor |
| Abstract: | The high cost of capital for firms conducting medical research and development (R&D) has been partly attributed to the government risk facing investors in medical innovation. This risk slows down medical innovation because investors must be compensated for it. We analyze new and simple financial instruments, Food and Drug Administration (FDA) hedges, to allow medical R&D investors to better share the pipeline risk associated with FDA approval with broader capital markets. Using historical FDA approval data, we discuss the pricing of FDA hedges and mechanisms under which they can be traded and estimate issuer returns from offering them. Using various unique data sources, we find that FDA approval risk has a low correlation across drug classes as well as with other assets and the overall market. We argue that this zero-beta property of scientific FDA risk could be a main source of gains from trade between issuers of FDA hedges looking for diversified investments and developers looking to offload the FDA approval risk. We offer proof of concept of the feasibility of trading this type of pipeline risk by examining related securities issued around mergers and acquisitions activity in the drug industry. Overall, our argument is that, by allowing better risk sharing between those investing in medical innovation and capital markets more generally, FDA hedges could ultimately spur medical innovation and improve the health of patients. |
| JEL: | G11 G12 G13 G22 G23 G31 I18 K23 L65 O32 |
| Date: | 2017–04 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:23344&r=ino |
| By: | Blit, Joel (University of Waterloo); Skuterud, Mikal (University of Waterloo); Zhang, Jue (University of Waterloo) |
| Abstract: | We examine the effect of changes in skilled-immigrant population shares in 98 Canadian cities between 1981 and 2006 on per capita patents. The Canadian case is of interest because its 'points system' for selecting immigrants is viewed as a model of skilled immigration policy. Our estimates suggest unambiguously smaller beneficial impacts of increasing the university-educated immigrant population share than comparable U.S. estimates, whereas our estimates of the contribution of Canadian-born university graduates are virtually identical in magnitude to the U.S. estimates. The modest contribution of Canadian immigrants to innovation is, in large part, explained by the low employment rates of Canadian STEM-educated immigrants in STEM jobs. Our results point to the value of providing employers with a role in the immigrant screening process. |
| Keywords: | immigration, innovation, immigration policy |
| JEL: | J61 J18 O31 |
| Date: | 2017–04 |
| URL: | http://d.repec.org/n?u=RePEc:iza:izadps:dp10689&r=ino |
| By: | Fleisher, Belton M. (Ohio State University); McGuire, William H. (University of Washington Tacoma); Wang, Xiaojun (University of Hawaii at Manoa); Zhao, Min Qiang (Xiamen University) |
| Abstract: | We investigate the role of factor-priced-induced innovation in mediating the employment impact of expanding production in China. Our empirical approach implements concepts developed in Acemoglu (2010) and complements the approaches summarized by Wei, Xie, and Zhang (2017) that focus on directly observable aspects of innovation (R&D, patent activity, etc.); labor-force characteristics including the availability of "surplus" labor, investments in human capital; and investments in physical capital. It complements work on the causes of a decline in labor's share in total output as documented in Bai and Qian (2010) and in Molero-Simarro (2017). Our empirical results to date support the hypothesis that wage-induced technology change has influenced productivity growth in China, at least in the decade of the 1990s, but perhaps less so or not at all after the middle of the next decade. |
| Keywords: | endogenous innovation, China, factor shares |
| JEL: | O30 D22 D24 D33 |
| Date: | 2017–04 |
| URL: | http://d.repec.org/n?u=RePEc:iza:izadps:dp10749&r=ino |
| By: | Laurent Gobillon (PSE - Paris-Jourdan Sciences Economiques - ENS Paris - École normale supérieure - Paris - INRA - Institut National de la Recherche Agronomique - EHESS - École des hautes études en sciences sociales - ENPC - École des Ponts ParisTech - CNRS - Centre National de la Recherche Scientifique, PSE - Paris School of Economics); Wolff Francois Charles (LEMNA - Laboratoire d'économie et de management de Nantes Atlantique - UN - Université de Nantes, INED - Institut national d'études démographiques) |
| Abstract: | In this paper, we investigate the effect on quality, quantity and prices of an innovative fishing gear introduced for a subsample of vessels on a single wholesale fish market in France. Estimations are conducted using transaction data over the 2009-2011 period during which the innovation was introduced. Using a difference-in-differences approach around the discontinuity, we find that for the treated the innovation has a large effect on quality (29.2 percentage points) and prices (23.2 percentage points). A shift in caught fish species is observed and new targeted species are fished very intensively. We also quantify the treatment effect on the treated market from aggregate market data using factor models and a synthetic control approach. We find a sizable effect of the innovation on market quality which is consistent with non-treated vessels adapting their fishing practices to remain competitive. The innovation has no effect on market quantities and prices. |
| Keywords: | fish,innovation,product quality,product prices,discontinuity,difference in differences,synthetic controls,factor models |
| Date: | 2017–01–10 |
| URL: | http://d.repec.org/n?u=RePEc:hal:psewpa:halshs-01431160&r=ino |
| By: | Brixiova, Zuzana (University of Cape Town); Égert, Balázs (OECD) |
| Abstract: | This paper develops a model of costly firm creation in an economy with weak institutions, costly business environment as well as skill gaps where one of the equilibrium outcomes is a low-productivity trap. The paper tests the implications of the model using a cross-sectional dataset including about 100 countries. Both theoretical and empirical results suggest that to move the economy into a productive equilibrium, complementarity matters: reforms to improve the business environment tend to be more effective in creating productive firms when accompanied by narrowing skill gaps. Similarly, more conducive business regulations amplify the positive impact on firm creation of better education and reduced skill mismatches. To escape a low-productivity trap, policymakers should thus create a pro-business framework and a well-functioning education system. |
| Keywords: | model of start-ups and strategic complements, institutions, education, low-income countries, threshold regression |
| JEL: | L26 J24 J48 O17 |
| Date: | 2017–04 |
| URL: | http://d.repec.org/n?u=RePEc:iza:izadps:dp10704&r=ino |
| By: | Hattori, Masahiko; Tanaka, Yasuhito |
| Abstract: | We investigate a choice of options for a foreign innovating firm to license its technology for producing the high quality good to a domestic incumbent firm or to enter the domestic market with or without license under vertical differentiation with convex cost functions. If cost functions are non-linear, the domestic market and the foreign market are not separated, and the results depend on the relative size of those markets. We consider product innovation as quality improvement of goods not process innovation such as cost-reducing. If the size of the foreign market is small, the foreign innovating firm chooses license with entry strategy, and if the foreign market is not small, it chooses license without entry strategy. |
| Keywords: | license with or without entry; convex cost function; vertical differentiation |
| JEL: | D43 L13 |
| Date: | 2017–05–07 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:78995&r=ino |
| By: | Annalisa Caloffi (Department of Economics and Management, University of Padua, Italy); Federica Rossi (Department of Management, Birkbeck College, University of London); Margherita Russo (Department of Economics Marco Biagi, University of Modena and Reggio Emilia, Italy) |
| Date: | 2017–05 |
| URL: | http://d.repec.org/n?u=RePEc:img:wpaper:38&r=ino |
| By: | Gene M. Grossman; Elhanan Helpman; Ezra Oberfield; Thomas Sampson |
| Abstract: | The evidence for the United States points to balanced growth despite falling investment-good prices and a less-than-unitary elasticity of substitution between capital and labor. This is inconsistent with the Uzawa Growth Theorem. We extend Uzawa's theorem to show that the introduction of human capital accumulation in the standard way does not resolve the puzzle. However, balanced growth is possible if education is endogenous and capital is more complementary with schooling than with raw labor. We present a class of aggregate production functions for which a neoclassical growth model with capital-augmenting technological progress and endogenous schooling converges to a balanced growth path. |
| Keywords: | neoclassical growth; balanced growth; technological progress; capital-skill complemen- tarity |
| JEL: | N0 |
| Date: | 2016 |
| URL: | http://d.repec.org/n?u=RePEc:ehl:lserod:68310&r=ino |
| By: | Hattori, Masahiko; Tanaka, Yasuhito |
| Abstract: | When an outside innovating firm has a technology to produce a higher quality good than the good produced at present, it can sell licenses of its technology to incumbent firms, or enter the market and at the same time sell licenses, or enter the market without license. We examine the definitions of license fee in such a situation in an oligopoly with three firms under vertical product differentiation, one outside innovating firm and two incumbent firms, considering threat by entry of the innovating firm using a two-step auction. Also we show that in the case of uniform distribution of consumers' taste parameter and zero cost when the quality improvement (the difference between the quality of the high-quality good and the quality of the low-quality good) is small (or large), the two-step auction is (or is not) credible. |
| Keywords: | license; entry; oligopoly; vertical differentiation; two-step auction |
| JEL: | D43 L13 |
| Date: | 2017–05–07 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:78987&r=ino |
| By: | Hattori, Masahiko; Tanaka, Yasuhito |
| Abstract: | When an outside innovating firm has a cost-reducing technology, it can sell licenses of its technology to incumbent firms, or enter the market and at the same time sell licenses, or enter the market without license. We examine the definitions of license fees in such situations under oligopoly with three firms, one outside innovating firm and two incumbent firms, considering threat by entry of the innovating firm using a two-step auction. |
| Keywords: | license; entry; oligopoly; innovating firm; two-step auction |
| JEL: | D43 L13 |
| Date: | 2017–05–07 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:78992&r=ino |
| By: | Alexander MONGE-NARANJO; UEDA Kenichi |
| Abstract: | Based on historical data since 1845, we identify a stylized fact, namely, alternating waves in global imbalances generated by sequential industrial revolutions. We develop a new theory to explain this stylized fact. Our theory proposes a development-stage view for the optimal global imbalances. It explains the Lucas Paradox on capital flows as well as rises and falls in the external wealth of nations over time. |
| Date: | 2017–05 |
| URL: | http://d.repec.org/n?u=RePEc:eti:dpaper:17067&r=ino |
| By: | Goel, Rajeev K.; Göktepe-Hultén, Devrim |
| Abstract: | This paper provides insights into the behavior of academic patentees who choose to bypass in-house Technology Transfer Offices (TTOs). TTOs have gained favor in recent years as academic institutions have tried to increase commercialization of their inventions. Using a large sample of researchers at a leading German Public Research Organisation (PRO), results show that patentees in physical and life sciences, those with doctoral degrees, and those with greater job experience are more likely to bypass TTOs. Different forms of industry interactions, including working in industry, industry cooperation and industry consulting, all make TTO-bypassing more likely, with some interesting differences across gender. On the other hand, internal leadership position as a research group leader, German citizenship and risk attitudes do no exert significant influences on the propensity to bypass TTOs. |
| Keywords: | patents,Technology Transfer Office (TTO),Public Research Organisation (PRO),industry interactions,gender,Germany |
| JEL: | O31 O34 D23 D83 |
| Date: | 2017 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:ifwkwp:2079&r=ino |
| By: | FUJII Hidemichi; MANAGI Shunsuke |
| Abstract: | Artificial intelligence (AI) technology can play a critical role in economic development, resource conservation, and environmental protection by increasing efficiency. This study is the first to apply a decomposition framework to clarify the determinants of AI technology invention. Exploiting data from the World Intellectual Property Organization, this study clarifies the determining factors that contribute to AI technology patent publications based on technology type. Consisting of 13,567 AI technology patents for the 2000-2016 period, our worldwide dataset includes patent publication data from the United States, Japan, China, Europe, and the Patent Cooperation Treaty (PCT). We find that priority has shifted from biological- and knowledge-based models to specific mathematical models and other AI technologies, particularly in the United States and Japan. Our technology type and country comparison shows that the characteristics of AI technology patent publication differ among companies and countries. |
| Date: | 2017–05 |
| URL: | http://d.repec.org/n?u=RePEc:eti:dpaper:17066&r=ino |
| By: | Bouhari, Mohamed; Khabbouchi, Rafika; Mathlouthi, Yamina |
| Abstract: | This paper gives purpose to identify the factors of the constitution of "the Tunisian cluster" in an environment open to competition. It is a contribution to the debate on the importance of clusters for competitiveness of small and medium enterprises (SMEs) to make more innovative and competitive regions and to promote strategically important sectors in technology. Approaches based on the knowledge economy grew by better integrating forms of proximity, organizational, institutional and geographical, (Torre and Rallet 2005) and relational (Boshma, 2005). An empirical study was conducted on a sample of Information and Communication Technologies ICTs’companies. The results show that the lack of attractiveness of ICT Tunisian companies to form clusters is not due to a lack of suitable infrastructure but to the absence of relations involved in a partnership approach or localized nature between higher education, research centers, industry training and organization, enabling to carry out scientific and technical projects. |
| Keywords: | Clusters, technology centers, geographical proximity, organized proximity |
| JEL: | R11 R12 R13 |
| Date: | 2016–03 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:79110&r=ino |
| By: | Todeva, Emanuela; Danson, Mike |
| Abstract: | This paper introduces the rationale and the articles in this special issue bridging the literature on regional development and the triple helix model. The concept of the triple helix at the sub-national, and specifically regional, level is established and examined, with especial regard to regional economic development founded on innovation and research activities. The discussion on regional competitiveness lays the foundations for the exploration of contrasting environments, sectors and administrations. We offer a framework that captures the array of institutions, driving factors, players and powers active at the regional level. In this introduction we present and summarise the collection of articles emphasising their contribution to the literature. We demonstrate how the articles in this selection exploit the triple helix model for analysis of the delivery of policy at a regional level, and describe how other models and characterisations of interactions and collaborations between institutions are being associated with the triple helix concept, highlighting their shortcomings and the way they enrich its application. |
| Keywords: | triple helix; innovation; regional governance; public policy; regional economic development |
| JEL: | H7 P5 |
| Date: | 2016 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:76776&r=ino |
| By: | Dino Pinelli; István P. Székely; János Varga |
| Abstract: | Since the mid-1990s, Italy’s economic growth faltered, primarily due to sluggish productivity growth. This article investigates the root causes of the slow growth. Firstly, it benchmarks Italy over time visà-vis euro area and OECD countries in the area of human capital, product market regulation, taxation structure and innovation. The analysis shows that Italy's gaps in these areas have grown over the last 15 years and are particularly large for human capital. Secondly, it uses a set of stylized simulations in QUEST R&D model of the European Commission to assess the potential impact of a package of growth-enhancing reforms in these areas. The simulations show that structural reforms could boost productivity and GDP growth significantly. Important reforms are ongoing. Given the very nature and the size of the gaps, it is important that the reform momentum is maintained. |
| JEL: | E17 E60 O11 O41 O47 |
| Date: | 2016–12 |
| URL: | http://d.repec.org/n?u=RePEc:euf:dispap:041&r=ino |