Economic growth

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Synopsis: Entrepreneurship: Economics: Economics: Economic growth:

and Communication Technologies (ICTS) enable us to see the connections between seemingly disparate issues, like transport and energy or health and economic growth,

economic and technological factors contributing to country's innovation ecology that have an impact on sustainable economic growth.

and will be adapted to each case. 2. 7. Trends and future innovation In search of economic growth and job creation,

impact of sensitive technology to manage, business transformation, economic growth, knowledge preservation, food and water for all,

Only the use of new technologies will allow us to bridge the gap between economic growth

In the industrial era, they contributed to more products and economic growth. According to Brynjolfsson and Mcafee BRY 11, increases in jobs corresponds to increases in productivity,

showing economic growth with no parallel increase in job creation. Brynjolfsson and Mcafee call it the great decoupling.

what are the results in terms of economic growth and how the whole process is monitored. Figure 3. 2. Comparison between Maryland

They are adapted not to evaluate the progress in facing the main challenges, such as job creation, employment and economic growth.

these technologies should deliver sustainable economic growth. To accomplish this ambitious challenge, 101 actions grouped around seven key areas were elaborated.

It is considered also vital to the continued economic growth in Europe BLE 08. The EU aims at fostering favorable conditions through coordinated action including joint development of related skills.

such as incubators and clusters, hoping to attract companies and influence economic growth. Traditional policy is applied and there is still a misunderstanding of the difference between innovation and research,

There are no reports on how far this investment improved economic growth, job creation and young employment and has addressed other strategic European challenges.

and acceleration of economic growth To create a favorable business climate with improved conditions for business development

and long term support of economic growth and employment Zentrales Innovationsprogramm Mittelstand Netzwerkprojekte (ZIM NEMO) Development of innovation capacities and competitiveness of SME through the support of innovation networks HUNGARY Cluster Development

Although these type of program shares the objective of promoting economic growth with KEY FINDINGS 1. Different types of cluster programs serve different purposes. 2. Most cluster programs feature high on the government's agenda. 3. Coordination

and develop all-island business networks in sectors that are considered to be especially important for future economic growth,

and economic growth The State agencies are working to maximise the opportunities presented by this new pool of talent,

Many empirical studies have shown the aggregate relationships between entrepreneurship and SME activity and economic growth and job creation.

and business start-up rates are associated with more rapid economic growth (Audretsch and Thurik, 2001; Audretsch and Keilbach, 2005;

This is what is seen now generally by economists to be the major factor behind the bulk of economic growth, the growth that is not due to additions to capital and labour stocks.

Some of the ideas driving economic growth may be the result of scientific breakthroughs in large firms and universities,

although Drucker's main focus is more on firm strategy and competitiveness than aggregate economic growth. l The entrepreneur as a breakthrough innovator.

Like Schumpeter, Baumol (2002) adopts a dynamic framework examining the relationship between entrepreneurship, innovation and economic growth.

It is oriented this innovation activity that promotes economic growth and solves social problems. In order to understand more fully how start-up enterprises

thus increasing the average productivity of the economy and driving economic growth. There is also an indirect impact,

which many economists understand economic growth. Investments in new knowledge are seen to spill over in part to other agents,

and economic growth through their role in promoting knowledge spillovers. The relationship may involve not just the role of new start-ups in exploiting knowledge themselves but also the role of new enterprises and SMES as participants in knowledge exchange networks within innovation systems, stimulating knowledge transfers from universities and other

Audretsch, D.,M. Keilbach and E. Lehmann (2006), Entrepreneurship and Economic growth, Oxford university Press, Oxford. Audretsch D. and R. Thurik (2001), Linking Entrepreneurship to Growth, OECD Science, Technology and Industry Working papers, 2001/2, OECD, Paris. Audretsch, D. and R. Thurik (2004

Firm Formation and Economic growth Paper No. 1, Ewing Marion Kauffman Foundation, WASHINGTON DC. Stuart, T. 2000), Inter-organisational Alliances and the Performance of Firms:

Entrepreneurship, Economic growth, and Policy, in Z. Acs, D. Audretsch and R. Strom (eds.),Entrepreneurship, Growth,

and to stimulate sustainable economic growth and job creation. Market failure involves a number of different factors.

Understanding Economic growth, OECD,(2005) 4 Making it Happen Growing Enterprise for Ireland, Forfás, 2010 FORFÁS EVALUATION OF ENTERPRISE SUPPORTS FOR START-UPS & ENTREPRENEURSHIP 5 The Action Plan for Jobs published in 2012 places an increased emphasis on supporting indigenous start-ups.

The desire to proactively develop the enterprise base to stimulate sustainable economic growth and job creation has remained also constant,

and to stimulate sustainable economic growth and job creation. In general, companies that emanate from entrepreneurial activity are the feedstock for future employment and growth.

Financial market imperfections may be addressed by grant aid. 36 Action Plan the European Agenda for Entrepreneurship European commission, COM (2004) 37 Understanding Economic growth, OECD,(2005) 38

and Challenges Relevant Government strategies over the period of review reflect the importance of supporting start-up companies as a means to stimulate economic growth and employment.

As an open economy that is reliant on export performance for economic growth, relative cost competitiveness comes into sharp focus for Ireland.

and start-ups are significant drivers of economic growth and that supporting entrepreneurs and start-ups has a key role to play in Ireland's return to sustainable growth and job creation.

As such collaboration with academic and/or enterprise partners is often essential to realise the full potential of innovative business ideas in terms of economic growth and job creation.

Building on the Smart Economy strategy, the Report of the Innovation Taskforce (2010) places innovation and entrepreneurship at the heart of driving increased productivity and economic growth.

Innovation is viewed as an essential element for driving economic growth and the report emphasises the strong role of entrepreneurship and the commercialisation of academic R&d in increasing innovation.

which was developed in the context of Ireland's challenging economic environment the plan emphasised the absolute need to support economic growth and stresses the importance of protecting investment in supports for enterprise and innovation for the development of the smart economy and on the key

and innovations from the higher education sector to promote economic growth, it states that we will promote

This increases the likelihood that the business idea is successful and ultimately leads to increased economic growth in terms of jobs and exports.

and the absolute need to support economic growth committed to introducing the Innovation Fund Ireland86 to attract international venture capital fund managers to Ireland,

unemployment and low economic growth in Ireland. It was recognised that micro enterprises (employing 10 or less people) could be a valuable source of employment and economic growth,

and that at that time, there was a gap in the provision of state supports to those enterprises.

In some instances, individual CEBS may have set out their own targets. 9. 4 Rationale for Government Intervention The role of entrepreneurship in driving economic growth is accepted well.

These refunds are made at national level to the State 116 OECD. 2005, Understanding Economic growth 124 9. 5 Alignment with National Policy During the period under review,

UK Public Policy and Open Innovation (Big Innovation Centre, September 2011). 6 11 Ambitious and innovative SMES are disproportionately effective in stimulating economic growth

THE THREE SOURCES OF ECONOMIC GROWTH 2. PRODUCTIVITY IN ALL INDUSTRIES 3. GROWTH OF HIGH PRODUCTIVITY INDUSTRIES 1. GROWTH IN WORKERS The second the across-the-board growth effect occurs

-10-1 Kauffman Foundation Research Series (July 2013)‘ Firm Formation and Economic growth'.'2 The 2012 Global Entrepreneurship Monitor Report shows that the rate of early stage entrepreneurship in Ireland is compared 6. 1

and build international enterprises will bring real dividends via economic growth. This solid and continuous growth would solve the sovereign debt problem facing Ireland more quickly

risktaking and enterprise and therefore are neither efficient nor conducive to increasing strong economic growth. Governments everywhere try to encourage people to reinvest their earnings into the economy.

Ideas, structure, state action and economic growth: Rethinking The irish miracle. Review of International Political economy, 19 (1), 87-113.

International Policy Reports for Economic growth Cooney, T. M. Kidney, E. 2009) Entrepreneurship and Innovation Policy in Ireland References-60-Joint Committee on Jobs, Enterprise

Entrepreneurship Development Index Structure 67 4 National Policy Statement on Entrepreneurship in Ireland As we move into a period of economic growth following one of the darkest periods in the history of the State,

the US and UK. 1. 1 Culture Entrepreneurship is a powerful driver of economic growth and job creation.

thereby positioning it as a key element in the economic growth agenda. This Policy Statement has set out the core objectives

and one of the most open economies in the world, trade is crucial to our economic growth.

Aims to increase the availability of risk capital for SMES to support economic growth through the continued development of the Seed

and spending should be driven by the need to promote economic growth. Rather than concentrating on boosting aggregate demand

rather than on ways to increase economic growth. In addition, their proposals for spending and taxes seem to treat all outlays and revenues the same, regardless of their effect on growth.

Both effects would reduce economic growth, resulting in total budget savings significantly lower than what would be achieved by cutting true non-investment spending.

Instead of focusing solely on the budget deficit, Congress and the Administration should take a more focused approach to reducing the budget deficit by adopting policies that boost economic growth,

drive economic growth and increase future incomes) and consumptive spending (expenditures that finance consumption of goods

However, once the effects of induced investment and higher economic growth were taken into account, ITIF estimated that the expanded credit would pay for itself after 15 years. 9 In other words,

including for manufacturers. 10 The evidence shows that higher corporate rates reduce economic growth, including reduced international competitiveness. 11 As a result,

a well-educated and trained workforce contributes to economic growth and competitiveness. 23 As a result, in addition to expanding the R&d tax credit to include corporate expenditures on training,

2014 GLOBAL R&d FUNDING FORECAST U s. R&d investment up one percent to $465 billion Historic U s. commitment to research intensity expected to remain firm Economic growth continues to propel Asian R&d spending

where increasing research intensity amplifies the investment momentum that strong economic growth provides. In a world where scientific discovery and technology commercialization are truly global,

There is an important relationship between economic growth and research and development, between industry creation and political stability, and between the nurturing of research

Emphasis by Southeast Asian countries on economic growth through increased R&d investments is likely to continue through the end of the decade.

-scale economic growth. The research standouts in the Rest of the World: The Rest of the World countries are expected to undergo moderate growth in R&d investment in 2014, with leadership from countries like South korea, Russia and Taiwan.

China continues its unmatched economic growth and double-digit R&d increases. R&d rankings have not changed significantly in the past five years,

At current rates of R&d investment and economic growth, China could surpass the U s. in total R&d spending by about 2022.

Long-term economic growth is linked to research intensity The most important example of long-term R&d impact is U s. economic growth in the second half of the 20th century.

All countries seek economic growth often amplified by the need for job creation to match rising populations:

China's middle class will expand from 35%to 75%over the next 10 years a demographic statistic that reflects economic growth and, to some extent,

But efficient manufacturing alone is not adequate to maintain economic growth. Recognizing this, China intends to evolve from a manufacturing-centric model in 2013 to an innovation-based economy by 2020.

China's continued strong economic growth more than three times that of the U s. provides the resources to support its strong R&d investments

and expansion of basic infrastructure as well The ambitious program and globally enabled economic growth means that China has become an exporter of jobs into Asia to meet its own needs.

In addition to recognizing the strong linkage between R&d and economic growth, it is likely that the professional perspectives of China's leadership are influential in science and innovation policy:

Most European countries are forecast to experience economic growth of about 1%through 2014, although Eastern European countries could see GDP (and related R&d) growth rates in the 1%to 2%range.

Most Asian countries are projected to experience significant economic growth in 2014. When GDP momentum is paired with national commitments to increase research intensity,

India's projected rate of R&d funding growth in 2014 is only one-fifth that of its anticipated economic growth.

as global economic growth slows in the future (as it is projected to do), the supply of capital will fall short of demand by 2030.

see Sources of U s. Economic growth in a World of Ideas (Jones 2002). ITIF and AAAS have done also important work on this topic.

A strategy for financing enhanced economic growth, and for ensuring that credit demand from growing businesses can be supplied;

The aim of the Action Plan for Jobs is to create the conditions to support private sector-led, export-oriented economic growth and job creation.

Net exports have continued to contribute to overall economic growth. A number of structural weaknesses remain that we will continue to address as part of the Action Plan process including diversifying our export base and destination markets and sources of inward investment,

Direct engagement with industry and entrepreneurial stakeholders has highlighted the key issue of broadband provision for economic growth, innovation and entrepreneurship in regional locations.

This innovative approach to funding SMES will enhance the long-term potential of the sector to drive economic growth and job creation in Ireland.

The overall vision of the Seed & Venture capital Scheme (2013-2018) is to increase the availability of risk capital for SMES to support economic growth through the continued development of the Seed

In previous recoveries economic growth was described as jobless, not because employment did not grow but because it took a long time for this growth in employment to translate into a commensurate reduction in the numbers of people on the Live Register.

which continued economic growth and sustainable employment creation across the country will be built. Enterprise Ireland supported companies created more than 19

The strategy will outline the key actions required to ensure that the agri-food sector maximises its contribution to economic growth and exports in an environmentally sustainable manner over the coming decade,

investment in infrastructure to underpin economic growth, enhancing firm level productivity, decreasing the costs of doing business,

The 2025 Agri-Food Strategy will set out the key actions required to maximise the contribution of the sector to economic growth

competitive and sustainable construction sector, capable of contributing to economic growth and job creation, and equipped to meet the future infrastructure needs of the country,

These trends, sluggish global economic growth, and elevated levels of debt and unemployment at home, all increase the importance of developing new sources of economic growth.

Action Plan for Jobs looks to the future to ensure that steps are taken now to prepare a path for further progress.

this section sets out specific activity for these new and emerging sources of economic growth where early,

clusters and incubators across the island of Ireland to stimulate economic growth and encourage investment and collaboration in the design sector.

For example, the Growth Competitiveness Index (GCI) developed by the World Economic Forum is founded on the idea that the process of economic growth can be analysed within three important broad categories:

For example, in comparing two countries within the economic dimension, one objective could be maximisation of economic growth;

-based economy in the world, capable of sustainable economic growth with more and better jobs and greater social cohesion.'

'Because of the importance of research and development to‘generating economic growth, employment and social cohesion'the European union (section 12) confirmed its support for the objectives of the European Research Area.

adding to economic growth and wealth creation; enhancing the skills base; increased employment; reduced costs; increased innovation capability and global competitiveness;

and human capital formation becomes more vital for innovation and economic growth. Research assessment exercises are likely to become an increasingly important determinant of research quality

The Rail Baltica tries to promote economic growth and integration in the Baltic region. The project Rail Baltica and especially pre-studies and development phase have received support from two EU funds.

whose focus is on each region's capacity in terms of economic growth and renewal. Many of the new policies are concentrated on so called strategic action plans Regional Growth Programmes-VINNVAXT-aiming at creating economic, ecologic and social sustainable growth (Erawatch country profile:

5 1. Introduction Innovation is arguably one of the main drivers of economic growth and the capacity to innovate among the most important factors enhancing competitiveness on a global scale (Grossman and Helpman 1991, Nelson 1996, Baumol 2002).

Harnessing Technology for Economic growth. Washington, D c.:National Academy Press, pp. 275 305. Love J.,Stephen Roper (2013), SMES Innovation, Exporting and Growth, ERC White paper N 5. Macpherson A.,Robin Holt (2007), Knowledge, learning and small

"IPTS Working papers on Corporate R&d and Innovation series (http://iri. jrc. ec. europa. eu/papers. htm) Nelson R. R. 1996), The Sources of Economic growth, London:

combined, would create economic growth and lead eventually to economic development. Economic growth would be increased the productivity in the existing activities;

economic development would come from the opening, through research and innovation, of new production branches or the birth of knowledge-based firms (OECD, 2005;

is used without exception in relation to competitiveness, sustainable economic growth, closing the structural heterogeneity gap in productivity, and the like,

The hypothesis that there is a trickle-down effect from economic growth to social inclusion, implicit in many analyses, is illusory;

Some years later, Uruguay showed an unparalleled rate of economic growth: at the end of 2008, the country growth reached 8. 9 percent

from violent robberies for food at the time of the first call to different types of security problems associated now with violence related to the uneven economic growth and the persistence of social exclusion, from the bankruptcy of hundreds of firms

and a sustained economic growth. The persistence of these situations makes even more valid the premise from

economic growth, quality of employment and social cohesion. When this agreement expired, the signatories decided to revise its content

reliable environment in order to restart the production system and economic growth, an essential condition for generating jobs and reducing the high unemployment rate.

For instance, in order to foster economic growth based on increased productivity and quality job creation, it is necessary to improve mechanisms for professional mediation,

The Catalan ICT industry should act as a driving force behind economic growth helping to increase business productivity

and to establish a model for economic growth that is more balanced than previous models. 6. 1. 4. Matching vocational training to labour market requirements Serious imbalances exist between supply

and to generate economic growth through increased productivity and the creation of quality jobs. The Catalan Government's powers in this field are limited.

sustained economic growth based on productivity it is crucial to promote the creation of quality jobs. A quality working environment and secure conditions of employment are key factors in persuading workers to commit to company projects

in order to generate economic growth, fresh efforts are required to create a real market for the results of research and for patents.

i e. to transform Europe into'the most competitive and dynamic knowledge-based economy in the world, capable of sustainable economic growth with more and better jobs and greater social cohesion'.

in order to recover from that crisis they must restore the conditions for economic growth on which a basis of fair redistribution of wealth can be achieved.

For instance, General electric forecasts that embedding Internet technologies into machines could add $10-$15 trillion in economic growth worldwide over the next 20 years. 3 The quest for resource efficiency will become an increasingly important driver,

Solutions that aim at the gradual uncoupling of economic growth from resource consumption are essential for the sustainability of entire economies.

Technological and economic growth must be inclusive and accessible to those who need it. This concept is recognised strongly in the H2020 subtheme on Inclusive

contributes to economic growth and job creation and to the achievement of the digital single market through the increasing offer of new and innovative online products and services.

The most important objective of the Hungarian economic policy is supporting the economic growth and increasing of the employment.

These results encourage further research to better understand the mechanisms behind the link between business regulations and firm creation and potentially economic growth.

and establishing a solid foundation for sustainable economic growth. There are many other important goals to pursue such as effective management of public finances, adequate attention to education and training

Better governance (including better regulatory quality) leads to higher income per capita. 5 Better governance is linked to faster economic growth. 6

And a heavier regulatory burden reduces economic growth and increases macroeconomic volatility. 7 While this research uses data far from the areas into

the business environment can have an important influence on the development of the private sector and economic growth and thus on the creation of jobs and better livelihoods.

which in turn is associated strongly with job creation and economic growth. Using a sample of OECD countries, researchers found that,

job creation and economic growth also tend to be higher. 1 Moreover, as more businesses formalize, the tax base expands,

The reforms are driven by the conviction that an efficient business climate can reduce poverty by fostering economic growth and job creation. 10 As part of a series of reforms of the start-up process,

A reliable, transparent, complete and secure land registration system plays an important part in supporting access to credit and economic growth for all.

and yet that could prove to be a particularly important area of legislation and source of economic growth in economies with less developed stock exchanges and capital markets.

and public investments to promote economic growth and development and build a prosperous and orderly society.

good judicial institutions can also contribute to economic growth and development. Indeed an effective judiciary, by providing a structured, timely and orderly framework for resolving disputes, fosters economic stability and growth.

above irregular income and lack of job security. 1 Yet evidence suggests that the exit of firms from the market is a necessary condition for economic growth,

Klapper, Love and Randall (2014) investigate the relationship between entrepreneurship and economic growth and the effect of the 2008 09 global financial crisis on new firm registration.

One important policy implication of their findings is that fostering an efficient regulatory environment for the financial and private sector can contribute to economic growth by aiding the efficient exit of insolvent firms during economic slowdowns

INNOVATION AND THE CONSTRAINTS OF RED TAPE Innovation is a key source of economic growth, so understanding the dynamics of innovative firms is important.

which results in a larger volume of credit and ultimately greater economic growth. While confirming the causal link from law to finance,

CONCLUSION The research papers reviewed in this chapter show that business-friendly regulation is integral to economic growth

The initial empirical exercise uses a simple model with entry density as the dependent variable and economic growth (as a proxy for the business cycle) as the main independent variable.

Credibility of Rules and Economic growth: Evidence from a Worldwide Survey of the Private Sector. World bank Economic Review 12 (3): 353 84.

Tax policy Challenges for Economic growth and Fiscal Sustainability. Working Paper 34 2012, European commission Directorate General for Taxation and Customs union Directorate General for Economic and Financial Affairs, Luxembourg.

Journal of Economic growth 18 (3): 253 83. Kronman, Anthony Townsend. 1983. Paternalism and the Law of Contracts.

and can have a significant impact on economic growth and competitiveness. 2 That impact can be negative where regulatory interventions are insufficient or excessive,

and enhance investments Finance is crucial to business success and an important factor for economic growth in Europe, especially in view of any past or future economic crisis.

A greater awareness and adoption of a design-driven innovation approach and design thinking can impact positively on economic growth and job creation in Irish SMES. 10danish National Agencyfor Enterprise and Housing (2003.

and economic growth and design-driveninnovation has a role to play; That innovation is a key part of internationalisation and company growth;

and uses service design as a tool for economic growth within the advanced materials and manufacturing sector.

free and secure global Internet as a space for diversity of opinion, participation, innovation and as an engine for economic growth and work.

High youth unemployment not only hampers economic growth, for youth it can be a debilitating experience that affects their desire

holding back economic growth while stifling the aspirations of people recently entering the workforce and at the beginnings of their careers.

at 21 per cent of the total population. 39 Although this represents an opportunity for economic growth,

For economic growth in the app economy, it is crucial for developers to be able to continuously update their technical skills,

community mapping and social media tools are offering new ways that young people can play a role in smart energy-efficient economic growth,

language training, especially English. 6 Entrepreneurship skills and support It is recognized widely that entrepreneurship is a necessary ingredient for stimulating economic growth and employment opportunities around the world.

partnerships across sectors to spur innovation, economic growth and employment. International agencies have played a vital role by bringing attention to the urgent needs of youth,

This diminished trust in business leads political leaders to set policies that undermine competitiveness and sap economic growth.

which is the local agency for employment and economic growth for the area of Barcelona35. Growing a Digital Social Innovation Ecosystem for Europe 69 Some other examples come from private organisations.

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