Entrepreneurship and Economic Growth by David B. Audretsch

By David B. Audretsch

By way of serving as a conduit for wisdom spillovers, entrepreneurship is the lacking hyperlink among investments in new wisdom and monetary development. the data spillover idea of entrepreneurship offers not only an evidence of why entrepreneurship has turn into extra everyday because the issue of data has emerged as a very important resource for comparative virtue, but in addition why entrepreneurship performs an essential position in producing monetary progress. Entrepreneurship is a crucial mechanism permeating the data clear out to facilitate the spill over of information and eventually generate fiscal development.

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Thus, it was particularly startling and a seeming paradox, when scholars first began to document that what had seemed like the inevitable demise of entrepreneurship actually began to reverse itself starting in the 1970s. Loveman and Sengenberger (1991) and Acs and Audretsch (1993) carried out systematic international studies examining the reemergence of small firms and entrepreneurship in North America and Europe. Two major findings emerged from these studies. First, the relative role of small firms varies systematically across countries.

This has led to the delinking of firm competitiveness from regional competitiveness. The advent of the strategic management of regions has been a response to the realization that the strategic management of corporations includes a policy option not available to regions—changing the production location. At the heart of the strategic management of places has been the development and enhancement of factors of production that cannot be transferred across The Emergence of the Entrepreneurial Economy 29 geographic space at low cost—principally, although not exclusively, knowledge and ideas.

Geography matters for the generation of knowledge spillovers and for the capacity of firms and economic agents to access those knowledge spillovers. However, a more subtle and less well‐known finding emerged in the literature, suggesting that it is not just the magnitude of factors that matters in generating localized spillovers but also the organization of that economic activity within the black box of the localized spatial unit of analysis (Feldman and Audretsch, 1999). This is what leads to the second main implication emanating from investment in economic knowledge: the organization of economic activity matters in such a way as to lead to an increased role for entrepreneurship.

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