'28 3-Capturing innovation impulses from emerging economies...29 4-Capabilities for Design-Driven Innovation in European SMES...
innovative companies create the majority of new jobs in the European economy. A strong rationale exists for public support to SMES'innovation activities
jobs, and progress towards a resource-efficient economy. Further leverage and complement support for innovation in SMES and other funding,
Germany 3-Capturing innovation impulses from emerging economies During the next decades growth of the world economy will be concentrated in emerging economies with a small
and service innovation activities towards the needs of clients in emerging economies and identify new business opportunities for such product even in mature markets.
but are limited not to, case studies (in print, audio or video) for awareness and analysis, methodological guides to capture consumer preferences in emerging economies, guides to cooperation with local science, technology and innovation agents,
To capture the growth opportunities notably in developing countries and emerging economies enterprises innovate specifically for these markets building on local expertise and inventiveness.
http://tinyurl. com/cghra6v 2. More jobs, improved lives, better society EU Research and Innovation can help to exit the current economic crisis With an ageing population and strong competition from emerging economies,
competitive European economy is every bit as important as our commitment to European debt and deficit reduction.
a healthy workforce is a prerequisite for a healthy economy and a healthy population means lower public health bills.
which has consequences not only for citizen health but for the European healthcare system and economy.
postpetroleum society encompassing sustained changes in lifestyle and resource use that cut across all levels of society and the economy.
while also contributing to the goal of moving to a low-carbon economy. By the end of 2013, EU research will have financed over 495 bioeconomy research projects, with more than 7, 402 participants, from 105 countries and with an SME participation rate of over 21%.
Energy drives our modern economies and it does indeed take a huge amount of energy to maintain the standard of living to which most of us have become accustomed in Europe.
Europe, the number two world economy, is currently overdependent on the rest of the globe for its energy.
It is essential then for the EU to spark a new industrial revolution that will deliver a low-energy economy
the equivalent of between €5 billion and €10 billion saved and channelled back into the economy,
It provides citizens, societies and economies with essential resources and means of mobility. With an annual turnover of €780 billion and a value added of over €140 billion,
people's ability to travel and our economy could be restricted severely and quality of life eroded. In the transport sector, research is at the core of developing innovative technologies
The ability of the economy to adapt and become more resilient to climate change, more resource-efficient,
this represents a major opportunity to boost competitiveness and job creation in European economies. What is EU Research
Helping to build a green economy a circular economy in sync with the natural environment is part of the answer.
The Societal Challenge‘Climate action, environment, resource efficiency and raw materials'will focus on investing in innovation for a green economy.
Resource Efficiency and Raw materials Fotolia. com Research and Innovation Efforts will be made to develop a low-carbon, resource efficient economy with a sustainable supply of raw materials.
skills and territorial-that will have a major impact on employment, in particular for some groups in the labour force or sectors of the economy.
http://www. facebook. com/innovation. union http://twitter. com/innovationunion About EU-funded research into cyber security and online privacy The digital and online economy are central
The Commission is working to increase confidence in the online economy in particular through research into cyber security
while protecting Europe's society, economy, assets and fundamental rights. The Commission wants to develop trustworthy ICT solutions ensuring a secure and reliable digital environment in Europe. 7. Secure and Innovative Societies Fotolia. com Research and Innovation Keeping fingerprint and facial recognition
*Franz To dtling b a Austrian Research centers Seibersdorf, Systems Research Technology Economy Environment, A-2444 Seibersdorf, Austria b Department of City and Regional Development, University
and transfer agencies) and the structure of the regional economy (dominant industries, availability of service firms and adequate suppliers, organizations providing innovation finance).
The distribution of the size of firms (in terms of employment) within the sample of respondents corresponds approximately to the regional economy.
The advantages of proximity and institutional settings specifically adequate to serve the needs of the regional economy are the reasons why the region is an important spatial level in innovation systems (Braczyk et al.
Overall, the technologically advanced sector has much more weight in the FFF scheme than in the Austrian economy.
but it has to be considered that this is clearly less than the share of SMES in the Austrian economy.
Learning regions in a globalised world economy: towards new competitive advantages of industrial districts? In:
The Globalising Learning Economy: Implications for Innovation Policy. Report to the DG XII, TSER, Brussels. Maillat, D.,1991.
The new flexible economy: shaping regional and local institutions for global competition. In: Bertuglia, C.,Fischer, M.,Preto, G. Eds.
The resurgence of regional economies, ten years later: the region as a nexus of untraded interdependencies.
working as a researcher at the Austrian Research centers Seibersdorf in the division Systems Research Technology Economy Environment.
Creating a RTD Investment Policy for Regions in Emerging and Developed Economies Contract no: 029746-CRIPREDE Workpackage 2, Deliverables 2. 1 and 2. 2 Project Co-ordinator:
From Rural area to High-tech Economy...52 4. 2. 8. Prato: Flourishing Industrial District of Traditional Industry...
in the‘New Economy'innovations would contain the introduction of new software products and services or the development of new customer segments.
and the concepts used to‘explain'patterns of uneven regional development such as embeddedness,‘institutional thickness',cumulative causation, agglomeration economies, localisation economies, fungeability, labour market dynamics, quality of life and environmental amenity,
voluntary associations and other bodies through which small firms connect to the wider economy'(Curran et al. 1995),
Uzzi (1997) pointed out that strong ties contribute to‘economies of time'as they add to an individual's capability to quickly capitalize on market opportunities.
, well-established universities), the presence of world leaders in specialised niches, sector-specific localisation economies and general effects of agglomeration, public support for training and technical initiatives,
and which could be the basis for the renewal of regional economies. For example, this happened in Prato where the traditional textile industry was able to survive
competitive strengths of these clusters are external economies of scope and scale with industrial districts being one sub-category of this cluster form.
although those need to be integrated into the local society and economy (Camagni 1995, Ritsilä 1999).
but with a relatively high R&d orientation and actually could also be classified as an industrial district because of its SME-structured economy
small-structured economy encourage a high unemployment rate because of the absence of low wage jobs and SMES only providing very few additional jobs.
The economy is dominated by SMES with a heterogeneous economic structure. There is still a fairly large share of low-tech industries such as primary industries,
Strong basic academic research and a long tradition for clinical research as well as a good cooperation climate between research and economy help fostering knowledge spillovers (Boston Consulting Group 2002.
Although integration problems do still exist one has to admit that the Oresund has grown‘into a modern and dynamic diversified economy'(Hospers 2004). 4. 2. 7. Oxfordshire:
From Rural area to High-tech Economy The county Oxfordshire, consisting of five districts, is located in the south east of England to the west of London (cf.
because it has undergone a‘dramatic transformation in its economy in the last 40 years'from‘being a rural county with a historic university
'(Lawton Smith et al. 2005: 455). 53 This high-tech economy is rooted in its industrial past when motor car and component manufacturing,
Especially, the biotech sector forms a small but significant part of the high-tech economy in Oxfordshire (Lawton Smith 2004.
Knowledge and science is of great importance for Oxfordshire's economy. The resident workforce is amongst the most highly qualified in the country.
Today, Prato's economy is based still mainly on the textile industry despite a marked reduction in terms of establishments and workers compared to the 1980s.
But Tuttlingen's producers also benefit from economies of agglomeration in the cluster, e g.,, economies of scale and scope, low transaction costs, good reputation in the global market,
Summing up, Tuttlingen seems to be a‘good practice'region in terms of competing successfully in a globalised economy.
Increasing returns and path dependence in the economy. Michigan: University Press. Asheim, B. 1995: Industrial districts as‘learning regions':
and the knowledge-based economy. Oxford. Oxford Univ. Press, pp. 349 363. Bathelt, H. 1999:
divergent growth paths in Boston's high technology economy. Entrepreneurship & Regional Development, 13 (4), 287 314.
Regional development in a modern European economy. The case of Tuscany. London: Pinter, pp. 145-169.
and the knowledge-based economy. Oxford: Oxford Univ. Press, pp. 459 484. Beyer, F. 2005:
Regional development in a modern European economy. The case of Tuscany. London: Pinter, pp. 116-144.
Qualified Labour Migration and Regional Knowledge Economies. In: R. Hayter and R. Leheron (eds.:Knowledge, Territory and Industrial Space.
Center for Innovation, Research and Competence in the Learning Economy (CIRCLE. http://www. circle. lu. se/publications.
Regional Economies as Knowledge Laboratories. Cheltenham: Edward Elgar, pp. 77-92. Maillat, D. 1992: Milieux et dynamique territoriale de l'innovation.
Patterns of a Network Economy. Berlin et al.:Springer, pp. 33-52. Malecki, E. 1997: Entrepreneurs, Networks and Economic Development:
The elusive concept of localization economies: towards a knowledgebased theory of spatial clustering. Environment and Planning A 34,429-449.
Specialisation and prosperity in small open economies. London & New york: Routledge. Menzel, M.-P. and D. Fornahl (2005:
Local and Regional Systems of Innovation as Learning Socio-Economies. In: Mothe, John de la;
National Innovation Systems,'Real Economies'and Instituted Processes. Small Business Economics 11,101 111 Moulaert, F. and F. Sekia (2003:
Learning and Innovation in Organizations and Economies. New york: Oxford university Press. North, D. and D. Smallbone (2000:
Cities and regions in the new learning economy. Paris: OECD. O'Gorman, C. and M. Kautonen (2004:
External Economies and Cooperation in Industrial Districts: A Comparison of Italy and Mexico. St martin's Press.
Economic policy Reforms and the Indian Economy. New delhi: Oxford university Press, pp. 169-210. Saxenian, A. 2004:
Regional Economies as Knowledge Laboratories. Cheltenham: Edward Elgar, pp. 117-141. Whyte, G. 1986: Escalating Commitment to a Course of Action:
The indicator on knowledge intensity of the economy is an index on structural change that focuses on the sectoral composition and specialisation of the economy and shows the evolution of the weight of knowledge intensive sectors
0. 61) Knowledge intensity of the economy 2010: 50.23 (EU: 48.75; US: 56.25) 2000-2010:+1. 87%(EU:+
as well as in scientifi c quality, patent revenues and structural change towards a more knowledge intensive economy.
The general trend to the le hand side refl ects the decrease in manufacturing in the overall economy.
and Radio, TV and communication equipment, have increased their weight in the economy, as well as their R&d intensity.
This indicates a possible gain in relative world competitiveness in line with the increasing weight of these sectors in the economy (see previous graph.
6. 15 5. 85 5. 84:4. 20 (6) 3 Growth of total factor productivity (total economy) 2000=100 100 102 105
6. 15 5. 85 5. 84:4, 20 (6) 3 Growth of total factor productivity (total economy)- 2000=100 100 102 105
and assess the impact of ICT on enterprises, industries and the economy in general across different sectors of the economy in the enlarged European union,
Transport and logistics are key components of a successful economy: they play a major role in national economies
and are significant contributors at both the national and local level. Transport and logistics underpin the economy,
enabling the movement of goods, services and people as efficiently as possible. The transport sector in Europe plays a significant role in its economic development.
and that also promote sustainable growth, fuel economy, the reduction of emissions, safe and healthy lifestyles and social inclusion (see Section 2. 3). ICT adoption
This chapter has been developed mainly by economists from DIW Berlin, who used econometric statistical methods to explore how ICT capital
across the European economy. It represents the continued effort of the European commission, DG Enterprise and Industry to support policy in the fields of ICT and e-business,
to assess the impact of ICT with regard to productivity and growth on enterprises, industries and the economy in general;
and skilful application of ICT is one of the largest contributors to productivity and growth throughout the economy, 4"eeurope 2005:
Some of the policy areas of the renewed Lisbon objectives address ICT-related issues, Central Policy Area No. 6 deals with facilitating ICT uptake across the European economy.
Scope of the programme Since 2001, the Sebw and its predecessor"E-business W@tch"have published ebusiness studies on about 25 sectors9 of the European economy,
When the bust phase of the previous economic cycle commonly referred to as the'new economy'started in 2001,
These last sectors are considered widely key to improve competitiveness in the current phase of development of European economies.
when the'new economy'bubble burst in 2001, it had the merit of pointing towards the role of ICT in cooperations between enterprises and the increasing digital integration of supply chains.
The availability of high quality transport and logistics services is of paramount importance for growth and competitiveness of the European economy.
therefore a leverage European and national policy makers could use to enhance the economy in general. While the transport industry services other sectors, ICT and e-business have a crucial importance for the competitiveness of European transport companies themselves.
and logistics are key components of a successful economy, and governments worldwide seek to increase competitiveness through new or replacement infrastructure.
The transport and logistics sector plays a major role in nationals'economy and is a significant contributor at both the national and local level.
It underpins the economy enabling the movement of goods, services and people as efficiently as possible.
and energy loss. 18 This growth is mainly due to changes in the European economy and its system of production.
In the last 20 years, we have moved from a‘stock'to a‘flow'economy. The abolition of frontiers within the Community has resulted in the establishment of a‘justin-time'or‘revolving stock'production system.
Specialisation, globalisation, the search for manufacturing scale economies, and rationalisation of production facilities have increased also freight movements.
and that also promote sustainable growth, fuel economy, the reduction of emissions, safe and healthy lifestyles and social inclusion. 18 Although a major contributor to growth,
and give jobs to 4. 3 million people. 20 The whole economy and society depends heavily on efficient road transport:
and of the economy. 2. 2. 2 Rail transport Rail is a contrast: a mixture of ancient and modern.
The availability of high quality transport and logistics services is of a crucial importance for the competitiveness of the European economy.
Given the importance of transport for the economy and the daily lives of citizens, and because of its impacts on oil supply security and environmental emissions, this sector has been a priority policy area within the EU for many years.
but high oil prices also have a significant influence on the transport sector and the economy as a whole.
which the challenging Lisbon objectives (for Europe to become the most competitive and dynamic knowledge-based economy in the world, capable of sustainable economic growth,
generating, and exploiting knowledge are increasingly key determinants of success for enterprises and individuals in a knowledge-based economy.
The development of human capital, research and adaptation of new knowledge and skills is the source of growth in the competitiveness of the economy, labour force and in the quality of life.
These new forms of partnerships and flexible approaches need to be much more actively promoted. 67 In a knowledge economy driven by rapid technical change, investments in high-skilled labour
and services and more active in adopting such innovations in other sectors of the economy,
economy, YES event, European parliament, Brussels, 24 november 2006. E-business in the transport & logistics industry 49 investment behaviour in the TLS sector appears, in general, more intensive than in other sectors studied:
From the early successes of internal application integration and the business drivers of the Internet economy to companies to more tightly integrate their processes,
and networked economy. Because every activity involves the creation, processing, and communication of information, ICT has a pervasive influence on the supply chain.
and e-business technologies and services among firms in the economy at large is a striking example of the possible dynamics of technological change
it has been labelled by some economists as a measure of ignorance. It is a residual between growth of an output indicator like gross value added
because Robert Solow (1957) was one of the first economists who pointed out the significance of disembodied technical change for economic growth opposite to the classical view that in particular capital accumulation,
The impact is clearly visible in today's advanced economies; unskilled jobs have long been declining in absolute terms in Europe and growing only slowly in the US,
In other words, in a knowledge economy driven by rapid technical change, the ability to empower the work force is a necessary complementary measure to ICT adoption.
and improve the user experience with the transport services (convenience, comfort and economy). The resource planning system has helped ALSA to reduce costs of € 4-5 million (estimate) due to improved control and planning of operations.
outlook and policy implications Due to the high turnover and number of jobs in the European TLS industry and its interrelation with almost all other European economy sectors, any improvements to the competitiveness and effectiveness
undoubtedly, will also have an impact on the European economy as a whole. Based on the results of the E-business Survey presented in Chapter 3,
in a knowledge economy driven by rapid technical change, the ability to empower the work force is a necessary complementary measure to ICT adoption.
Central Policy Area No. 6 deals with facilitating ICT uptake across the European economy. The ebsn (European E-business Support Network for SMES) is an e-business policy coordination platform,
The New Economy in a Growth Crisis, in: The Regional Divide, Promises and Realities of the New Economy in a Transatlantic Perspective, ed. Kurt Hübner, Routledge Erber, G.,Sayed-Ahmed, A. 2005), Offshore Outsourcing-A Global Shift
in the Present IT Industry, in: Intereconomics, Volume 40, Number 2 march 2005,100-112 ERTICO European commission releases Green Paper on urban mobility ITS Europe enewsletter:
The Global Internet Economy. Helpman, E. and Trajtenberg, M. 1998a. A time to sow and a time to reap:
Paper prepared for Eurostat Conference Knowledge Economy Challenges for Measurement. PLUME, PLANNING and Urban Mobility in Europe Synthesis Report:
A Strategic Guide to the Network Economy. Harvard Business school Press. Solow, R. M. 1957), Technical Change and the Aggregate Production Function.
Strohmeier R. Speech) ICT and innovation in a globalised economy, YES event, European parliament, Brussels, 24 november 2006.
's economy the overall market for purchases of goods, services and works by the EU public sector is estimated to be almost 20%of EU GDP (2010 figures).
It provides a Social networking space Ourspace where young Europeans can express their thoughts on politics society, economy and debate them with politicians and peers across Europe.
Indeed, our economy and society are now highly dependent on Information and Communication Technology (ICT. We have grown accustomed to the benefits brought by the Internet, smartphones,
and their underlying software-based service platforms, are a prerequisite for the use and uptake of innovative business models and services that benefit the further development and growth of the European economy.
the assessment of the potential contribution of smart grids to the decarbonisation of the economy and promoting their interoperability;
Sustainability of the transport sector is a major concern today for different levels of government throughout the developed economies of the world.
and vehicle models differ in their fuel economy, but in general the greater the vehicle miles driven by a countries motor vehicle fleet, the greater the amount of fuel that is used.
As part of the move towards a smart economy, the government directs Enterprise Ireland to establish a healthcare technology cluster.
In this way we will establish valuable assets for the new smart economy. ICT's Role in Healthcare Transformation Report of the Health ICT Industry Group Page 6 2. Ireland's Healthcare Challenge 2. 1 Where we stand today Despite much progress over recent decades,
and the second are the indirect benefits to The irish economy through the positioning of healthcare ICT as key component of the development of the‘smart'economy. 6. 1 Direct Benefits‘The Patient
and may also provide a better environment to help tackle community programmes relating to lifestyle and behavioural illness. 6. 2. 2 Indirect Benefit to the Economy In addition to the benefits
indirect benefits can be generated for the economy as a whole. Healthcare is increasingly becoming an internationally traded service
helping attract further inward investment and support the development of the smart economy. Achieve a leadership position in Healthcare ICT:
and also laying the foundations for a new growth engine within the smart economy. In order to prepare for this journey we make the following nine recommendations:
As part of the move towards a smart economy, the government directs Enterprise Ireland to establish a healthcare technology cluster.
In this way we will establish valuable assets for the new smart economy. ICT's Role in Healthcare Transformation Report of the Health ICT Industry Group Page 30 Bibliography ehealth for a Healthier Europe!
focusing in particular on the role of innovation in shaping the economy's continued trading success. The concluding section will outline some implications for the Italian authorities'structural reform agenda.
Over the past two decades, discussion of the Italian economy has centered increasingly on the key themes of weak growth and competitiveness.
which has produced a stagnant economy and a labor market in which average earnings are largely decoupled from productivity and demand conditions.
Although the economy as a whole may have faced difficulty integrating and exploiting new technologies to boost performance reflecting perhaps a broad range of structural and administrative impediments it may be that Italian exporters have had better success. To this end,
The Conference Board, Total Economy Database 6 0%20%40%60%80%100%1995 2007 2011 Export Shares, by Industry Group Science
) Using a total-economy ULC-based measure, Italy's competitiveness appears to have deteriorated by up to 5 percent
rising wages may reflect the creation of higher-level jobs in an increasingly innovative and technologically competitive economy.
In a stable world economy, changes in competitiveness might indeed be captured by changes in relative prices.
and administrative impediments that have helped stifle growth in the broader Italian economy; and which are now weighing even on this once-dynamic sector.
For more detail, a comprehensive treatment of Italy's main economy-wide bottlenecks is provided in the most recent Article IV Staff Reports for Italy;
Working Paper 2009 2,(Department of the treasury, Italian Ministry of the Economy and of Finance. Crafts, N,
and I. Bunda, 2008, The Changing Role of the Exchange rate in a Globalised Economy, Occasional Paper Series, No 94,(European central bank).
and policy analysis on structural changes affecting the developing and transitional economies, provides a forum for the advocacy of policies leading to robust, equitable and environmentally sustainable growth,
Tables and figures appear at the end of the paper. 1 1 Introduction Small and medium enterprises (SMES) have been considered one of the‘driving forces'of modern economies due to their multifaceted contributions in terms of technological innovations
because innovation lends competitive edge to firms, industries and ultimately, economies. Therefore, technological innovation has the potential to spur growth of individual enterprises at the micro level and aggregate industries and economies at the macro level.
Given the above, this paper attempts to understand issues such as what factors drive SMES to innovate,
Of course, the relative importance of these internal as well 2 as external factors might vary from firm to firm or from industry to industry or even from economy to economy and from time to time.
such as corporate governance, the information economy and the challenges of an ageing population. The Organisation provides a setting where governments can compare policy experiences
In many cases, measures driving the markets for innovation are, even more important for the growth of the economy than stimulation of the production of innovations.
Improving Australia's competitiveness is a central part of the Government's Economic Action Strategy to build a strong, prosperous economy and a safe, secure Australia.
Improving Australia's competitiveness is essential in building the stronger economy that we all want.
Opportunities and challenges for the Australian economy The increasing economic strength of Asia and growing integration of the global economy present great opportunities for Australia.
A number of Asian economies are climbing up the value chain, shifting from largely low skilled industries to high skill jobs
Other advanced countries are aggressively reforming their economies. They are reducing barriers to trade in goods and services
Only through similarly ambitious reforms can Australia secure its future as a high wage economy with a strong social welfare safety net in the face of this vastly more competitive world.
and equipping our economy for the challenges ahead, to prevent Australia's economy from drifting.
The Government's vision is of a nimble economy, capitalising on Australia's strengths. It includes businesses
and workers equipped with the skills and incentives to adapt to changing economic conditions and able to seize new opportunities.
These types of businesses benefit the broader economy by testing new ideas, developing new products and implementing new business models.
More generally, in an increasingly globalised economy, it will be critical that all businesses have the people
The world's major economies have committed to undertake ambitious reforms with the goal of lifting collective G20 GDP by more than 2 per cent above the current trajectory over five years.
and improving access to international markets and opening up the economy to greater domestic and international competition.
and improving access to international markets and opening up the economy to greater domestic and international competition.
Reducing the regulatory burden Regulation is necessary for a well-functioning economy and society, but too often the first reflex of governments has been to regulate,
and services on which society and the economy depend, but this comes at a cost to individuals, businesses and the economy.
The Government will work to reduce taxes, simplify the tax system and increase certainty. Actions already taken:
Increasing domestic and international competition The Government will further open our economy to domestic and international competition
Attracting the best and brightest to meet Australia's skill needs Highly skilled migrants contribute to a strong and vibrant economy, bringing know-how, innovation and entrepreneurship and also helping to plug short-term skills gaps.
the changes taking place in the international economy also present further challenges to our living standards.
Economies like China, India, Indonesia, Vietnam, Malaysia and the Philippines have grown dramatically over the past 30 years
By 2025, China will be the largest economy in the world and the GDP of emerging Asia1 will be around US$51 trillion (Chart 1), 2 approximately five times all the already-developed Asian economies combined (Au-Yeung et al, 2013).
Emerging Asia represented around 9 per cent of the global economy in 1985. By 2025 it will be around 40 per cent (Au-Yeung et al,
Meanwhile, many Asian economies are becoming major new suppliers of these same goods and services, bringing serious competition to the global stage (Chart 2). To date,
) As Asian economies invest in education, skill up (Chart 3) and move up the value chain,
Effective tariffs in OECD economies have halved in the past 30 years, falling from around 4 per cent in 1988 to below 2 per cent today (World bank,
This will require a flexible economy that can absorb declines in some sectors and quickly expand into others as opportunities emerge.
and goods and services, has been critical to the growth and development of Australia's economy.
) Imports and the inflow of foreign investment and skilled migrants have not only helped to physically build our economy,
our education system was ranked in the global top 15 in 2014 (Economist Intelligence Unit, 2014). We speak the language of business English
Australia's success also stems from our proud history of making the hard decisions to reform our economy.
In the early 1970s, the Australian economy was volatile, insular and inflexible. Today, thanks to the hard won reforms of the decades that followed,
Australia's economy is more stable, open and flexible. Australia floated the dollar, introduced independent monetary policy,
This expansion created stresses within the economy, particularly in trade-exposed sectors, through its effects on domestic costs and the exchange rate.
Economic reforms of the past allowed the economy to smoothly absorb the resources boom. The combination of a floating exchange rate, flexible capital and product markets and independent monetary policy stopped the economy from overheating.
This contrasts sharply with the last terms of trade boom in the 1970s. Although only around one third of the size, the 1970s boom was associated with a surge in inflation
but the economy's inflexibility exacerbated an already difficult situation. Many industries have bright prospects With the resources investment boom now fading,
A number of private sector economists have identified industry sub sectors with growth potential. While the growth estimates differ in the details
Services have grown already to be the mainstay of the economy, contributing over 70 per cent of output
Australian services exports also make an important contribution to Australia's economy. Australia exported around $58 billion worth of services in 2013-14,
TPO00007 Industry Innovation and Competitiveness Agenda Industry Competitiveness 10 Industry Innovation and Competitiveness Agenda This highlights the need for a nimble economy
They are at the heart of the creativity that our economy will need in the future. Much will also be required of our workforce,
More generally, in an increasingly changing, globalised economy, it will be critical that all businesses, small and large, have the people
This underpins forecasts for education exports to contribute more than $19 billion to our economy by 2020, particularly through students from China and India (International Education Advisory Council, 2013). 0 20 40 60 80
The growth potential of this‘visitor economy'is strengthened further by increasing domestic tourism as reflected in Chart 8. 8. Financial and professional services Australia's banking,
Reflecting the highly skilled, innovative nature of the Australian economy, professional, scientific and technical industries accounted for more than 7 per cent of value add in 2011-12 (Australian Workforce and Productivity Agency, 2013.
and challenges and are acting to bring their economies into line with international best practice.
Advanced economies are reining-in inefficient government spending reducing corporate tax rates, deregulating and improving competition, making investments in infrastructure and skilled workforces,
Australia has many of the fundamentals required for a productive and competitive economy. The OECD ranks Australia around the average of its member nations on most aspects of government policy and we rate well on dimensions such as macroeconomic and financial sector policies, income and wealth, jobs and earnings,
Stronger market sector jobs growth despite increases in jobs in the resources and related sectors, employment outside the public related sectors of the economy has been weak (Box A3.
Jobs in the‘market'sector of the economy, on which long term economic growth and government revenues depend,
Strategy is about strengthening the economy and delivering benefits to the community, including through less reliance on government, freeing up business and more long-term investment.
the Government recently concluded negotiations of trade agreements with both Japan and South korea it is estimated the Korea Australia Free trade Agreement alone will add $650 million to the Australian economy every year from 2030 (Centre for International
The world's major economies have committed to undertake ambitious reforms with the goal of lifting collective G20 GDP by more than 2 per cent above the current trajectory over five years.
or work practices before they spread more broadly through the economy. The competition that this elicits challenges incumbent firms to do better.
Entrepreneurs are important in building a dynamic and innovative economy. However entrepreneurs are less likely to pursue opportunities
The Government intends to scale back intervention in the economy to restore the balance. Lower government spending will allow taxation to be reduced sustainably over time.
and often pioneer these before they spread more broadly through the economy. This is why small business entrepreneurs are important to future economic growth, improved job prospects and better living standards.
there are clear limits to the scope for sectoral policies to lift an economy's overall competitiveness.
and the economy restructures. The Government is committed to fostering an innovative culture among small businesses
and improving access to high-quality, low-cost inputs to business by opening the economy to greater domestic and international competition.
Regulation is necessary for a well-functioning economy and society, but there are costs that should not be ignored.
and risk assessments of some highly regarded regulators in other advanced economies not being recognised in Australia.
and services our economy and society depend on, but taxes impose direct and indirect costs on businesses and individuals.
more than 23 cents of value is lost to the economy (KPMG, 2010. Although dividend imputation reduces the burden of company tax in Australia for domestic shareholders,
The OECD has suggested that the Australian economy would benefit from a shift toward less mobile
and impose additional, often hidden, costs on the economy. Changes to tax law should not be seen as a‘quick-fix'solution
low-cost business inputs through greater domestic and international competition Reinvigorating competition across the Australian economy will help bring down costs for businesses and consumers.
and increasing competition across the economy to improve Australia's international competitiveness. Australian businesses use a range of domestic and international inputs.
Australia opened up the economy to international trade and investment, lifting our competitiveness and living standards (Productivity Commission, 2005).
The National Competition Policy reforms that followed the Hilmer Review in the 1990s had a significant and positive effect on the Australian economy.
given the changes to the Australian economy in recent decades and our increased integration into global markets.
and the competitiveness of financial services is critical to the broader Australian economy (ABS, 2014b). As G20 president in 2014, Australia is focusing the G20's efforts on delivering key aspects of the G20's financial regulation reforms.
enhancing competitiveness and growing an economy. For example, one estimate is that scientific and technological advances have produced roughly half of all United states economic growth in the last 50 years.
However, concerns have been raised about the VET system's ability to deliver the skills demanded by the Australian economy.
innovative work practices, new and emerging opportunities, opening export markets and emerging economies. Larger companies may apply to access the Fund,
Attracting the best and brightest to meet Australia's skills needs Skilled migration is critical for a strong and vibrant economy.
The Australian economy continues to adapt and change as the world changes and our workplace relations system must do the same,
but we want to ensure it helps build a more stable, fair and prosperous future for Australia's workforce, businesses and the economy.
and expand the economy's long term productivity. Over the next six years, the package will take the Commonwealth's total investment in transport infrastructure to $50 billion,
The Government also recognises that communications infrastructure is a key enabler for a competitive economy.
is central to firm performance in knowledge-based economies. The quality of management is particularly important to enable quick adaption to evolving markets and changing circumstances.
innovative work practices, new and emerging opportunities, opening export markets and emerging economies. Larger companies may apply to access the Fund,
Indeed, many of the new jobs generated in OECD economies since the global financial crisis were in small, young businesses (Criscuolo et al, 2014).
and keeping Australian companies competitive in an international economy, which includes giving entrepreneurial start-ups the chance to employ the best people.
and often pioneer these before they spread more broadly through the economy. Enabling small businesses to reach their potential will
The Strategy is about strengthening the economy and delivering benefits to the community, including through less reliance on government, freeing up business and more long-term investment.
Economist Intelligence Unit. 2014). ) The Learning Curve. Pearson. Elborgh-Woytek, K.,& et al. September 2013.
Women, Work and the Economy: Macroeconomic Gains from Gender Equity. International monetary fund. Elms, D. K, . & Low, P. 2013).
) Employee Share Schemes Their Importance to the Economy. Employee ownership Australia and New zealand. Farquhar, S. 2014, February 18.
Achieving stronger growth by promoting a more gender-balanced economy. OECD, ILO, IMF and World bank Group.
The Conference Board Total Economy Database. Retrieved May 2014, from The Conference Board Total Economy Database:
http://www. conference-board. org/data/economydatabase/Times Higher education. 2014, October. Times Higher education World University rankings 2014-15.
) Chief Economist Goldman sachs, quoted in‘Cost of gender gap put at $195b'.'Retrieved July 2014, from The Sydney Morning Herald:
Country/Economy Highlights. Geneva: World Economic Forum. World Economic Forum. 2014b). ) The Global Competitiveness Report:
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