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Entrepreneurship, the New Economy and Public Policy


Uwe Cantner 路 Elias Dinopoulos Robert F. Lanzillotti Editors

Entrepreneurship, the New Economy and Public Policy Schumpeterian Perspectives

With 59 Figures and 52 Tables

123


Professor Dr. Uwe Cantner Friedrich-Schiller-University of Jena Faculty of Economics and Business Administration Chair for Microeconomics Carl-Zeiss-Str. 3 07743 Jena, Germany E-mail: uwe.cantner@wiwi.uni-jena.de Professor Elias Dinopoulos University of Florida Department of Economics Gainesville, FL 32611, USA E-mail: elias.dinopoulos@cba.ufl.edu Professor Robert F. Lanzillotti University of Florida Graduate School of Business 201 Bryan Hall Gainesville, FL 32611-7150, USA E-Mail: robert.lanzillotti@cba.ufl.edu Some of the contributions habe been published in “Journal of Evolutionary Economics”, Vol. 13, No 5, 2003 Cataloging-in-Publication Data applied for Library of Congress Control Number: 2004113933 A catalog record for this book is available from the Library of Congress. Bibliographic information published by Die Deutsche Bibliothek Die Deutsche Bibliothek lists this publication in the Deutsche Nationalbibliografie; detailed bibliographic data available in the internet at http://dnb.ddb.de

ISBN 3-540-22613-3 Springer Berlin Heidelberg New York This work is subject to copyright.All rights are reserved, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilm or in any other way, and storage in data banks. Duplication of this publication or parts thereof is permitted only under the provisions of the German Copyright Law of September 9, 1965, in its current version, and permission for use must always be obtained from Springer-Verlag.Violations are liable for prosecution under the German Copyright Law. Springer is a part of Springer Science+Business Media springeronline.com © Springer-Verlag Berlin Heidelberg 2005 Printed in Germany The use of general descriptive names, registered names, trademarks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. Cover design: Erich Kirchner, Heidelberg Production: Helmut Petri Printing: betz-druck SPIN 11307396

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Table of Contents

Editorial Lanzillotti RF, Dinopoulos E, and Cantner, U . . . . . . . . . . . . . . . . . . . . . . . . .

1

Reflections on the Schumpeter I knew well Samuelson, PA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

5

Schumpeter, product innovation and public policy: the case of cigarettes Lanzillotti RF . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 Risk, variety and volatility: growth, innovation and stock prices in early industry evolution Mazzucato M . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33 Social networks and industrial geography Sorenson O . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 55 Growing Silicon Valley on a landscape: an agent-based approach to high-tech industrial clusters Zhang J . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 71 The theory of the firm and the markets for strategic acquisitions Eliasson G and Eliasson ˚A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 91 The growth of commercialization – facilitating organizations and practices: A Schumpeterian perspective Thore S and Ronstadt R . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 117 On the macroeconomic effects of establishing tradability in weak property rights Eliasson G and Wihlborg C . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 137 Capital in the new economy: A Schumpeterian perspective Stewart J . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 163 A comparative perspective on innovation and productivity in manufacturing and services L¨oo¨ f H . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 181


VI

Table of Contents

Tracing empirical trails of Schumpeterian development Peneder M . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 203 Towards an evolutionary interpretation of aggregate labor market regularities Fagiolo G, Dosi G, and Gabriele R . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 223 An evolutionary model of international competition and growth Castaldi C . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 253 Innovation and growth in Germany over the past 150 years Grupp H, Dominguez Lacasa I, Friedrich-Nishio M, Jungmittag A . . . . . . . . . 267 Nonlinear dynamism of innovation and business cycles Hirooka M . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 289 The dynamic effects of general purpose technologies on Schumpeterian growth Petsas I . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 317


front-matter