This is despite the fact that current U s. economic activity in the private sector based on service revenues exceeds 82%(Rae, 2005.
"Small Business Economics 6 (5): 327-347. Describes small businesses compared to large ones on the basis of strengths and weaknesses.
which span a broad range of economic activities in a disparate set of industries across different countries. 4. This section briefly explains
One of the most important implications of globalisation is that the comparative advantage of OECD nations is shifting away from traditional factors of production, such as land, labour and capital, towards knowledge-based economic activities.
Globalisation 5. Perhaps the most radical change in the economic landscape of the end of the 20th century has been the shift in economic activity away from a local or national sphere toward a much more international or global.
The measures of transnational economic activity which prove there has been a strongly positive trend toward greater global activity include:
and (5) shift into knowledge-based economic activities. 8. While some firms fell victim to the first strategy, many of the firms from OECD countries that have restructured successfully resorted to alternatives 2,
This alternative involves shifting economic activity out of traditional industries, where the high-cost countries of the OECD have lost their comparative advantage,
and into those knowledge-based industries where comparative advantage is compatible with both high wages and high levels of employment knowledge based economic activity.
Given the shift in comparative advantage towards more knowledge based economic activity, many scholars have predicted the demise of SMES.
But in fact, the share of economic activity accounted for by SMES has risen in most OECD countries.
This is consistent with economic theories of innovation and technical change where inputs to the innovative process are understood to be heterogeneous
Jacobs thus develops a theory about how a greater variety of industries within a geographic region promotes knowledge externalities, ultimately innovative, activity and economic growth. 14 50.
) WK1 16 because it maximises the ability of firms to appropriate economic value accruing from their investments in new knowledge,
) Results of a study by Feldman and Audretsch (1999) indicate that a region characterised by a diversity of firms engaged in complementary economic activities,
and knowledge developed for a particular application can have economic value in very different applications. As Glaeser et al. observed, intellectual breakthroughs must cross hallways and streets more easily than oceans and continents..
An emerging economics literature demonstrates that knowledge spillovers are constrained indeed geographically. Data constraints can be overcome to study the extent of knowledge spillovers
There is considerable evidence that the transnational economic activities of SMES have been increasing over time. Not only has the absolute value of foreign direct investment activities by small and medium-sized enterprises increased over time,
Almeida, Paul and Bruce Kogut, 1997, The Exploration of Technological Diversity and the Geographic Localization of Innovation, Small Business Economics, 9 (1 february, 21-31.
Audretsch, David B.,1998, Agglomeration and the Location of Innovative Activity, Oxford Review of Economic policy, 14 (2), 18-29.
WK1 33 Bruederl, Josef and Peter Preisendoerfer, 1998, Network Support and the Success of Newly Founded Businesses, Small Business Economics, 10 (3), 213-225.
Buckley, Peter J.,1997, International Technology Transfer by Small and Medium-Sized Enterprises, 9 (1), Small Business Economics, February, 67-78.
Strategic Differences between SMES, working paper University of Gent, under review at Small Business Economics.
Comparing Large and Small Multinationals as Technology Producers, Small Business Economics, 9 (1 february, 53-66.
Feldman, Maryann P.,1994, Knowledge Complementarity and Innovation, Small Business Economics, 6 (3), 363-372.
Benjamin, 1997, Alliance Strategies of Small Firms, Small Business Economics, 9 (1 february, 33-44. Greenwood, Jeremy and Boyan Jovanovic, 1999, The IT Revolution and the Stock market, American Economic Review Papers and Proceedings, 89 (2 may.
Griliches, Zwi, 1979, Issues in Assessing the Contribution of R&d to Productivity Growth, Bell Journal of Economics, 10,92-116.
1992, The Search for R&d Spill overs, Scandinavian Journal of Economics, 94,29-47. Hirschman, A o.,1970, Exit, Voice,
Jaffe, A.,Trajtenberg, M. and Henderson, R.,1993, Geographic Localization of Knowledge Spillovers as Evidenced by Patent Citations, Quarterly Journal of Economics, 63,577-598.
Kohn, Tomas O.,1997, Small Firms as International Players, Small Business Economics, 9 (1 february, 45-51.
The Economics of Small Firms: A European Challenge, Dordrecht: Kluwer Academic Publishers, 25-41. Loveman, Gary and Werner Sengenberger, 1991, The Re-emergence of Small-scale Production:
An International Comparison, Small Business Economics, 3 (1), 1-38. Mustar, P.,1997, How French Academics create hi-tech companies:
Prevenzer, Martha, 1997,‘The Dynamics of Industrial Clustering in Biotechnology,'Small Business Economics, 9 (3), 255-271.
Schwalbach, Joachim, 1989, Small Business in German Manufacturing, Small Business Economics, 1 (2), 129-136.
Schwalbach, Joachim, 1994, Small Business Dynamics in Europe, Small Business Economics, 6 (1), 21-26.
of Regions,'Small Business Economics, 8 (2 75-86. Sternberg, Rolf, 1990, The Impact of Innovation Centres on Small Technology-Based Firms:
The Example of the Federal republic of germany, Small Business Economics, 2 (2), 105-118. Sternberg, Rolf, 1996, Technology Policies and the Growth of Regions, Small Business Economics, 8 (2), 75-86.
Van dijk, Meine Pieter, 1995, Flexible Specialisation, The New Competition and Industrial Districts, Small Business Economics, 7 (1), 15-28.
Von Hipple, E.,1994, Sticky Information and the Locus of Problem solving: Implications for Innovation, Management Science, 40,429-439.
and Firm Dynamics, Small Business Economics, 7 (1), 29-40. Wagner, Joachim, 1997, Firm Size and Job Quality A Survey of the Evidence from Germany, Small Business Economics, 9 (5), 411-425.
WK1 36 Zucker, L.,Darby, M. and Armstrong, J.,1994,‘Intellectual Capital and the Firm:
Politicians and administrators who are members of major institutions working with economic growth issues, such as Tillväxtverket and Näringsdepartementet,
Analysis of the productivity concept has given a central role to knowledge in economic growth (Neale 1984.
and the general beliefs predominant in the economic system (Burgess 2009, Commons 1924, Cooley 1956, Weber 1968, Powell and Dimaggio 1991).
the most relevant difference between the two companies is that one of them works in a classical economic activity (fishery),
The paper solidifies the issue of knowledge's impact on the economic value of product development by proposing new concepts such as the Knowledge Embedded Value (or KEV) and the Knowledge Embedded Value Margin (or KEVAM.
and the non-originality of the economic theory all stem, to a large extent, from negligence of the role played by SMES
and the non-originality of the economic theory, stem, to a large extent, from negligence of the role played by SMES
The Review of Economics and Statistics 73 (3), 441 450. Audretsch, D. B. and Mahmood, T. 1994.
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By transposing this notion into the field of economics, Schumpeter derives from it the notion of business and entrepreneur.
as suggested by Rostow (1960) in his study on the stages of economic growth. It also and especially refers to the voluntary actions taken jointly by entrepreneurs
Rather than explaining the links between innovation and economic growth (Amable, Barré and Boyer, 1997), this new approach seeks to understand the heterogeneous innovation processes that bring about social change at the meso-social and micro-social levels.
who redefines the field of what constitutes economics. It should be recalled that Polanyi defines the economy as a dynamic set of social processes which are continuously being transformed
,(ed.)Technical change and economic theory, New york, Pinter, pp. 221-238 Flichy, P. 1995) L'innovation technique.
Technical Change and Economic theory, New york, Pinter, pp. 349-369. Maillat, D. 1992) Milieux et dynamique territoriale de l'innovation.
Phd thesis in economics, Université de Paris 1. 711 p. Tremblay, D.-G. 1992. Innovation et marchés internes du travail dans le secteur bancaire;
However, the global economic crisis had a rapid and significant negative impact on innovation worldwide. OECD figures reveal7 that total OECD-area business expenditure on research and development (R&d) declined by a record 4. 5%in 2009;
Innovation is the main driver for economic growth in the EU, but innovation performances still need to be improved.
while focusing scarce human and financial resources in a few globally competitive areas in order to boost economic growth and prosperity.
ensuring that there will be economic growth. The entrepreneurial knowledge is used to define each RIS3 and it is known as‘the entrepreneurial process of discovery18.
Increased economic growth Better products and services Initiatives towards solving societal challenges In 2009, public procurements accounted for about 19%of the European union's GDP,
The problem is particularly urgent in a period of economic crisis and shortage of bank loans to industry,
and businesses, converting scientific knowledge into economic activity, and leading to the creation of a network for business start-ups and knowledge transfer.
'and the‘innovation capacity of SMES'are crucial for fostering economic growth within local companies allowing for a better'entrepreneurial process of discovery
This programme from the School in Business Economics and Law at the University of Gothenburg allows master students in Business Economics to do an internship within a growing SME.
i) the underlying role of scientific, technological and economic specialisation in the development of comparative advantage and more broadly in driving economic growth;
Smart specialisation relies on an entrepreneurial process of discovery that can reveal domains of economic activity where a country
Structural change, not just the accumulation of capital, is a driver of economic growth. As such smart specialisation aims to accelerate structural change by encouraging the transformation of economic activities from a structural perspective.
It may in some cases mean modernising existing industries or enabling lagging sectors to improve their competitiveness through the adoption of ICTS,
and economic crisis, including the current euro debt crisis, the concept of smart specialisation has found an echo in the OECD discussions on New Industrial Policy, New Sources of Growth and New Approaches to Economic Challenges.
and has forced also OECD governments to look more closely at where economic value is created along global value chains,
but especially R&d and innovation investment policies can influence economic, scientific and technological specialisation of a region and consequently its productivity, competitiveness and economic growth path.
and thus a possible way to help advanced OECD economies as well as emerging economies-restart economic growth by leveraging innovation led/knowledge-based investments in regions.
and are grounded in the classical economic theories of economic growth (e g. the theory of the division of labour by Adam smith) and notably trade specialisation.
Modern recent strands of economic thought from evolutionary economics to the economics of agglomeration are also visible in the smart specialisation concept, notably the issue of increasing returns to knowledge,
and neoclassical spatial economics (Krugman and Venables). Smart specialisation thus is very much an economic framework focussed on regions that aims to illustrate for the purpose of policy making how public policies, framework conditions,
but especially R&d and innovation investment policies can influence economic, scientific and technological specialisation within a regional policy framework and through this mechanism, productivity, competitiveness and economic growth.
or accelerate the transformation and modernisation of economic activities in clusters. There are also important synergies and complementarities between smart specialisation and cluster policy (e g. promotion of cross-sectoral collaboration and entrepreneurial processes and place-based interactions4 between actors and institutions)
Summary The idea or concept of smart specialisation is based on long standing economic theories and empirical evidence and mobilises well tested policy instruments.
in order to stimulate competitiveness, productivity and economic growth through entrepreneurial activities. Smart specialisation strategies can be viewed as a mix of modern industrial policy with innovation policies that emphasise a bottom-up approach (the entrepreneurial discovery),
The economics of R&d location (indivisibility, strong spatial clustering of innovation activities) makes regional responses to R&d globalisation naturally appropriate.
Governments should ensure mechanisms through which they exchange information with The current economic crisis and more recently the euro debt crisis, has increased pressure on OECD governments to tackle longstanding structural problems in their economies.
Prevention of emerging trends for regional economic growth. Coordination of investments and decisions of different entrepreneurs.
carbon economy was the environmental challenge of reducing CO2 emissions amidst an economic downturn. The main objective of the smart specialisation strategy is to secure the environmental benefits while regenerating competitive advantage, mainly by:
and comparative advantage Classical economic theory tells us that regions and countries will specialise in certain economic activities according to their factor endowments (land,
capital, human resources. Trade theory as elaborated by 19th century economist David Ricardo and expanded in the 20th century by Hekscher and Ohlin also tells us that countries tend to specialise in the production of goods where they have a comparative advantage.
Recent economic theories touching on specialisation and trade (e g new trade theory) tell us that other factors play a role in specialisation,
The existing industrial commons (transition) The application of a GPT in an existing sector (modernisation) New synergies between existing economic activities with new or emerging activities (e g. new line of productive activity)( diversification
THE ROLE OF SMART SPECIALISATION 30 OECD 2013 Summary The current economic crisis and more recently the euro debt crisis, has increased pressure on OECD governments to tackle longstanding structural problems in their economies.
OECD-TIP case-studies on smart specialisation The universities dealing with economics, public policy and administration,
and the Revealed Comparative Advantage (RCA) for economic activities, are used to avoid biases and to compare countries
emerging‘activities'may lack evidence-based potential economic value, opportunities for new start-ups or technology exploitation for existing companies.
New tools are required to help policy makers to assess the potential of emerging activities for future economic growth,
Fostering a structural transition from policymaking to cycles of policy development and policy learning once smart specialisation becomes more and more adopted as an economic policy concept.
4 Place-based policies can be defined as those policies that take into account the spatial dimension of economic activities.
of Economics, Volume 106, Issue 1, 103-121 OECD 2013 53 Greenhalgh, C. and M. Rogers (2010),‘Innovation, Intellectual Property and Economic growth'Princeton university
Hausmann R. and D. Rodrik (2003),‘Economic Development as a Self-discovery'Journal of Development Economics, Volumen 72,2.
'International Review of Applied Economics, 26:2, 223-239. OECD 2013 55 PART II CASE STUDIES ON SMART SPECIALISATION The case studies provide an in depth analysis of real-life experience in policies and governance mechanisms for building smart specialisation strategies.
The Australian Bureau of Agriculture and Resource Economics and Sciences (ABARES) Farm Innovation Survey was conducted first in 2008.
www. abs. gov. au/ausstats/abs@.nsf/mf/7121.0 24 Australian Bureau of Agricultural and Resource Economics and Sciences (2012) Agricultural Commodities.
ii) to create economic value for the Flemish economy; and iii) to help Flanders to obtain a strong position in European networks in this domain.
the question whether Nfh has a potential economic value for the Flemish OECD 2013 63 economy is difficult to predict.
as well as all actors, is to estimate the likelihood of future economic growth of such an experimental domain.
the mismatch between the strengths in the economic system and strengths in the research system is a policy challenge.
Decentralisation has increased also the powers of the provinces, most importantly in regional-economic policy, nature management and spatial planning.
A skilled workforce is a fundamental aspect of driving economic growth, especially in high tech manufacturing or research.
Vienna University of Economics and Business, Institute for Regional Development and Environment INNOVATION-DRIVEN GROWTH IN REGIONS:
economic growth, infrastructure, natural resources and new materials. The second regional foresight project (The Technology Perspective Kraków-Malopolska 202035) was carried out in 2010-2011.
and iii) Risk that the continuity of the economic crisis may pose to the economic sustainability of the Basque Innovation System.
and future economic growth will likely be based. Whether a state or region focuses on modernisation of existing industries or on building up of an emerging growth market,
as well as potential matches and mismatches across scientific, technological, innovative and economic activities both within regions and within global value chains.
whether or not these entrepreneurial processes have a real potential to create new economic activities or to transform existing industries.
if the economics of smart specialisation is not to remain purely abstract, but is able to link theory to practices.
However, international databases on sectoral economic activity often aggregate many NACE or SIC codes into broad overarching sectors,
indicators for economic activity, including international trade, R&d expenditures, birth and death rates, High-Growth enterprises rates, turnover, value-added, production, operating surplus,
In order to assess whether these processes have a real potential to create new economic activities or to transform existing industries, diagnosing apparent strengths,
thus ending up in a full coverage of RDTI and economic activities in a country/region;
and orient its research, innovation and economic policy independently of the federal level. The alignment between national and regional priorities is fostered by a shared willingness from the authorities at those two levels in Europe,
dedicated education and training programme and also strategic investment support as a major tool from the economic policy domain.
The whole range of tools from both RDTI and economic policy domains are reported as being used intensively, without distinction, for the support of three prioritised areas in Andalucia:
whilst most economic policy instruments are used in a moderate way to support the priorities (with the exception of cluster policy, a major instrument).
while it is not possible to calculate such a share for programmes under economic policy. At regional level, in Gwangju,
and money of EU origin in the case of EU regions (in some cases Structural Funds are the main funding sources for innovation and economic policies in the regions).
innovation and creativity becomes a decisive factor in the economic activity because knowledge tends to be developed in the actual contexts.
and integrate this sector into the mainstream of economic activities (Luiz, 2002). In Zimbabwe, although SMES are currently at the forefront of local economic development
In Zimbabwe 80%of economic activities are in hands of SMES and big enterprises only contributes the remaining 20%(SEDCO Report, 2010).
According to Terziovski (2010) Small and Medium enterprises (SMES) in the manufacturing sector make a significant contribution to economic growth,
The importance of innovation as a key factor of economic growth and development was highlighted also by Joseph Schumpeter in his Theory of economic development (1912) who considered the entrepreneur s task
Architectural innovation, Administrative Science Quarterly 35 (1): 9 31 Heunks, F. J. 1998, Innovation, creativity and success, Small Business Economics, 10
Linking Entrepreneurship and Economic growth, Small Business Economics, August 13 (1): 27-55 World bank (2009. Innovative Firms or Innovative Owners?
Yet, somehow, the basic laws of economics asserted themselves. Those who mastered these laws survived in the new environment.
and have confronted innovation studies with new questions. 3. 2. Structural changes in our economic system Important sectors of our economic system are currently going through a period of structural transition.
it is still responsible for 25%of our economic growth 16. The enormous changes and issues this trend can bring about can be illustrated by the emergence of
Roads and Challenges'potentially important role of‘Cultural Industry'in our economic system was pointed out 7. When accepting his professorship in‘Cultural Industry'at the Erasmus University, Rotterdam,
And what could be the role of ICT, 868 R. Smits/Technological Forecasting & Social Change 69 (2002) 861 883 life sciences, materials technology, not to mention nanotechnology, in the development of a more sustainable economic system?
Disciplines such as economics, public policy analysis and business administration are confronted with a lack of insight into the dynamics of innovation processes and systems 4 In his contribution to the collection of texts by Barre'et al.
The exceptionally lengthy period of high economic growth in the last decade of the 20th century in the USA
'which even today is the main variable in mainstream economics. The fact that the products of network technologies, such as faxes and PCS, become all the more in demand the greater their market penetration
brings up for discussion another basic rule of economics that prices fall if supplies increase.
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Economics of Innovation and New Technology 8, 79 103. Roper, S.,1998. Under-reporting of R&d in small firms:
Small Business Economics 12,131 135. Rosenfeld, S. A.,1996. Does co-operation enhance competitiveness? Assessing the impacts of inter-firm collaboration.
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International Journal of Economics and Management Engineering (IJEME) Oct. 2013, Vol. 3 Iss. 5, PP. 176-181-176-Innovation, Performance and Growth Intentions
LITERATURE REVIEW A. SMES Interest in SMES is concerned primarily with their role in stimulating economic growth 3. However
International Journal of Economics and Management Engineering (IJEME) Oct. 2013, Vol. 3 Iss. 5, PP. 176-181-177-Innovation has been discussed as the development of a new product,
Journal of Economics and Management Engineering (IJEME) Oct. 2013, Vol. 3 Iss. 5, PP. 176-181-178-factor in firm growth.
C. Growth Intentions International Journal of Economics and Management Engineering (IJEME) Oct. 2013, Vol. 3 Iss. 5, PP. 176-181-179-Innovation
The US sample International Journal of Economics and Management Engineering (IJEME) Oct. 2013, Vol. 3 Iss. 5, PP. 176-181-180-shows a beta
and their ability to innovate has been viewed as a critical element in economic growth and renewal (Wolff & Pett, 2006;
International Journal of Economics and Management Engineering (IJEME) Oct. 2013, Vol. 3 Iss. 5, PP. 176-181-181-2 Autio, E. 2005.
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