development of comparative advantage and more broadly in driving economic growth; ii) policy intelligence for identifying domains of present or future comparative advantage and;
economic activity where a country or region excels or has the potential to excel in the future. It empowers
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
and economic crisis, including the current euro debt crisis, the concept of smart specialisation has found an echo in the OECD discussions on
supply shocks and has forced also OECD governments to look more closely at where economic value is
its productivity, competitiveness and economic growth path. It is a logical continuation in the process of deepening, diversifying and specialising of more general innovation strategies, taking into account
economies †as well as emerging economies-restart economic growth by leveraging innovation led/knowledge-based investments in regions
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
and neoclassical spatial economics (Krugman and Venables Smart specialisation thus is very much an economic framework focussed on regions that aims to
competitiveness and economic growth. Another important feature of the smart specialisation concept is that through policy interventions focused on releasing entrepreneurial forces,
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
The idea or concept of â€oesmart specialisation†is based on long standing economic theories and empirical evidence and mobilises well tested policy instruments.
investments, in order to stimulate competitiveness, productivity and economic growth through entrepreneurial activities. Smart specialisation â€oestrategies†can be viewed as a mix of modern industrial
The economics of R&d location (indivisibility, strong spatial clustering of innovation activities) makes regional responses to R&d globalisation naturally
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.
lower 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
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
Recent economic theories touching on specialisation and trade (e g new trade theory) tell us that other factors play a role in specialisation, often connected
existing economic activities with new or emerging activities e g. new line of productive activity)( diversification An entirely new domain
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.
The universities dealing with economics, public policy and administration, and specific policy areas e g. industry, health, agriculture, environment and culture) can play a crucial role during the process of
RTA), and the Revealed Comparative Advantage (RCA) for economic activities, are used to avoid biases and to
economic growth, in order to support them •Educational programmes: updating the skills required by the increasingly cross-sectoral and
an economic policy concept •Developing monitoring and evaluation systems geared to smart specialisation. This is discussed
of Economics, Volume 106, Issue 1, 103-121  OECD 2013 53 Greenhalgh, C. and M. Rogers (2010), †Innovation, Intellectual Property and Economic Growth†Princeton
Economics, Volumen 72,2 Hausmann R. and B. Klinger,(2006a. †Structural Transformation and Patterns of Comparative
†International Review of Applied Economics, 26:2, 223 -239  OECD 2013 55 PART II †CASE STUDIES ON SMART
•The Australian Bureau of Agriculture and Resource Economics and Sciences (ABARES) Farm Innovation Survey was conducted first in 2008.
24 Australian Bureau of Agricultural and Resource Economics and Sciences (2012) Agricultural Commodities. March Quarter 2012.
to create economic value for the Flemish economy; and iii) to help Flanders to obtain a strong position in
the question whether Nfh has a potential economic value for the Flemish  OECD 2013 63
the mismatch between the strengths in the economic system and strengths in the research system is a policy challenge.
provinces, most importantly in regional-economic policy, nature management and spatial planning Priority setting in the governance system
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 Krakã w-Maå opolska 202035) was carried out in
continuity of the economic crisis may pose to the economic sustainability of the Basque Innovation System
across scientific, technological, innovative and economic activities both within regions and within global value chains INNOVATION-DRIVEN GROWTH IN REGIONS:
processes have a real potential to create new economic activities or to transform existing industries. This
if the economics of smart specialisation is not to remain purely abstract, but is able to
However, international databases on sectoral economic activity often aggregate many NACE or SIC codes into broad overarching sectors, such as †manufacturingâ€.
database contain many different sector-specific indicators for economic activity, including international trade, R&d expenditures, birth and death rates, High-Growth enterprises rates, turnover, value-added
In order to assess whether these processes have a real potential to create new economic activities or to
innovation and economic policy independently of the federal level The alignment between national and regional priorities is fostered by a shared willingness from the
major tool from the economic policy domain. But the estimation is that all those policy instruments only
The whole range of tools from both RDTI and economic policy domains are reported as being intensively used, 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
economic policy. At regional level, in Gwangju, contrary to other regions in the sample, the use of policy
cases Structural Funds are the main funding sources for innovation and economic policies in the regions
economy, 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 and
Zimbabwe 80%of economic activities are in hands of SMES and big enterprises only contributes the remaining 20%(SEDCO Report, 2010.
economic growth and development was highlighted also by Joseph Schumpeter in his Theory of economic development (1912) who considered the entrepreneur†s task
Heunks, F. J. 1998, â€oeinnovation, creativity and successâ€, Small Business Economics, 10 (3): 263 -72
Linking Entrepreneurship and Economic growth, Small Business Economics, August 13 (1): 27-55 World bank (2009. Innovative Firms or Innovative Owners?
Determinants of Innovation in Micro, Small, and Medium Enterprises, The World bank Development Research Group, Finance
Yet, somehow, the basic laws of economics asserted themselves. Those who mastered these laws survived in the new environment.
3. 2. Structural changes in our economic system Important sectors of our economic system are currently going through a period of
structural transition. This results in changes within one sector, shifts between sectors mergers and the emergence of completely new sectors.
Dutch economy, 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
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
more sustainable economic system? With regard to the last question, expectations are rather high, but very little empirical proof has been available until now to support these expectations
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
even today is the main variable in mainstream economics. The fact that the products of
45 G. Dosi, C. Freeman, R. Nelson, G. Silverberg, L. Soete, Technical Change and Economic theory, Pinter
Structural changes in our economic system Questions and challenges Broadening of decision-making processes and the network society
The Economics of Hope. Pinter Publishers London Fusfeld, H. I.,1986. The Technical Enterprise. Ballinger Publishing
Economics 1, 215†222 Kleinknecht, A.,Reijnen, J. O. N.,1992. Why do firms cooperate
Technical Change and Economic theory. Pinter Publishers, London, pp. 349†369 Lundvall, B-A.,1993. Explaining inter-firm co-operation and
Change and Economic theory. Pinter Publishers, London pp. 370†398 Perrin, J.-C.,1991. Analyse et à valuation des processus de
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 competitive
Transaction cost economics. In Schmalensee, R.,Willig, R. Eds. Handbook of Industrial Organisation. North Holland, Amsterdam, pp. 135†182
International Journal of Economics and Management Engineering (IJEME) Oct. 2013, Vol. 3 Iss. 5, PP. 176-181
Interest in SMES is concerned primarily with their role in stimulating economic growth 3. However, SMES face common
International Journal of Economics and Management Engineering (IJEME) Oct. 2013, Vol. 3 Iss. 5, PP. 176-181
International Journal of Economics and Management Engineering (IJEME) Oct. 2013, Vol. 3 Iss. 5, PP. 176-181
International Journal of Economics and Management Engineering (IJEME) Oct. 2013, Vol. 3 Iss. 5, PP. 176-181
International Journal of Economics and Management Engineering (IJEME) Oct. 2013, Vol. 3 Iss. 5, PP. 176-181
innovate has been viewed as a critical element in economic growth and renewal (Wolff & Pett, 2006; Verhees & Meulenberg
International Journal of Economics and Management Engineering (IJEME) Oct. 2013, Vol. 3 Iss. 5, PP. 176-181
business, economics and innovation systems. The first focuses on innovation processes within firms, the second studies the role played by innovation in social and economic change, whereas
-economic stability, the education system and the business environment. As these are likely to be incomplete in emerging economies, they impact on innovation (Lundvall 2007
Knowledge creation, entrepreneurship, and economic growth A historical review. Industrial and Corporate Change Chaminade, C, . and J. Vang. 2008.
Economics of Innovation and New Technology 11 (6): 497-523 EU 2008. Science, technology and innovation in Europe.
Economics 48 (1)(-06-01): 37-70 Gereffi, G. 2005. The governance of global value chains.
Why new institutional economics matters for economic geography Journal of Economic geography 9 (3): 329 Shima, K.,Onishi,
Tambunan, T."The Impact of the 2008-2009 Global Economic crisis on a Developing Countrry's Economy:
SME export performance in indonesia after the crisis. Small Business Economics 26 25-37 Wie, T. K..2006.
development via the three pillars of economic growth, ecological balance and social progress. Our members are drawn from more than 30 countries and 20
Brookings Papers on Economic activity, 1987 783-820 â'Mazzoleni R, Nelson R R, Economic theories about the benefits and costs of patents, Journal of
Economic Issues, 32 (4) 1998,1031-1052 â'Merges R P, Patent Law and Policy (1992
It underpins employment, economic growth and global exports, while providing citizens with resources and mobility that are essential to the quality of life
For Ireland, two measures of economic activity are employed, GNP and GDP. GDP for Ireland is inflated by the inclusion of profits of inter-firm
economic activity. BERD as a percentage of GNP has increased from 0. 93 per cent in 2003 to
improvement the centerpiece of economic policy is crucial. While employment presents a formidable challenge in many European countries, sacrificing productivity for jobs†that
Higher productivity is the sine qua non of economic growth. 18 To see why, consider that if the EU-15 nations had maintained the productivity growth rate they enjoyed from 1980 to
Indeed, new growth economics accounting suggests that the lion†s share of productivity stems from the use of more and better â€oetools. †30
uncertain process, economics does in fact have a good deal to say about how it develops and how policies can play a role in creating it.
economics, and not enough agency to policy Second, techno-pessimist accounts frequently conflate economic growth with
productivity. The two are related but distinct, because growth can occur simply by adding more workers.
this view has been discredited thoroughly both by history and economics. 152 Figure 16: ICT use effect and ICT output effect on GDP (2000 to latest year, percentage points
As Europe emerges from the economic crisis, it faces continued challenges but also opportunities. With its financial system stabilized, Europe†s central economic challenge
Putting spurring ICT adoption at the center of economic policy means not just supporting it, but just as importantly avoiding harm.
and Economic growth in Europe: A Comparative Industry Perspective, †International Productivity Monitor 21 (2011: 3†23
â€oeproductivity and Economic growth in Europe. †Assuming 2. 8 percent productivity growth 20. The Conference Board, Total Economy Database.
Conclusions from the Empirical Literature, †Information Economics and Policy 25, no. 3 september 2013: 109†125, doi:
†Baumol†s Disease†Has been cured, †FRBNY Economic policy Review 9, no. 3 (2003: 23†33;
Labor Economics 28, no. 1 january 2010: 167†201; Davide Arduini et al. â€oethe Role of Technology
in UK Industries†(discussion paper, Centre for Economic policy Research, July 2012), 52 http://ideas. repec. org/p/cpr/ceprdp/9063. html
Empirical Economics 30 (2005: 427†64 58. Hal Varian, Robert E. Litan, Andrew Elder, and Jay Shutter, â€oethe Net Impact Study:
Applied Economics 44, no. 14 (2012 http://www. tara. tcd. ie/bitstream/2262/62815/1/PEER STAGE2 10. 1080%252f00036846.2011.554374
Investments on Innovation and Productivity in Italian Firms, †Economics of Innovation and New Technology 22, no.
International Journal of Production Economics 126, no. 2 august 2010): 299-305 doi: 10.1016/j. ijpe. 2010.04.004
Evidence from France, †Economics Letters 116, no. 2 august 2012): ) 244†246, doi: 10.1016/j. econlet. 2012.02.022
Technological Diffusion and Economic growth under Network theory, †Telecommunications Policy 2014), doi: 10.1016/j. telpol. 2013.12.003
Literature, †Information Economics and Policy 25, no. 3 september 2013: 109†125 doi: 10.1016/j. infoecopol. 2012.12.002
April 2, 2014) http://www. oecd-ilibrary. org/economics/oecd-factbook-2013 factbook-2013-en; World Bank, Databank:
Cette, â€oetrends in †structural†Productivity Levels in The major Industrialized Countries, †Economics Letters 95, no. 1 (2007:
â€oeproductivity and Economic growth in Europe. †100. Ibid. 24 101. Matilde Mas, â€oeict and Productivity Growth in Advanced Economies†(working paper, University of
Regulatory Practices, †Labour Economics 11, no. 1 february 2004: 33†58, doi: 10.1016/S0927 -5371 (03) 00055-1
European countries, †Review of World Economics 149, no. 1 (2013: 131†49; Jerry Luftman et al.
and Economic growth by Expanding the ITA€ (Information Technology and Innovation Foundation, March 2012), http://www. itif. org/publications/boosting
Economics 8, no. 1 march 1980: 3†27, http://papers. ssrn. com/abstract=1482270; and also:
Countries, †The Quarterly Journal of Economics 122, no. 4 (2007: 1351†1408 144. Phil Fersht and Jamie Snowdon, State of the Outsourcing Industry 2013:
Bradford Delong and Lawrence Summers, â€oeequipment Investment and Economic growth: How Strong is the Nexus? †Brookings Papers on Economic activity 23 (1992;
Jonathan Temple and Hans-Joachim Voth, â€oehuman capital, equipment investment, and industrialization, †European Economic Review 42, no
Economics: What Have learnt We? †(keynote address to the fifth annual conference of the Central bank of Chile The Challenges of Economic growth, Santiago, Chile, November 29-30,2001
168. Stephen Ezell and Robert D. Atkinson, â€oehow ITA Expansion Benefits the Chinese and Global
Oxford Economics, â€oecapturing the ICT Dividend: Using Technology to Drive Productivity and Growth in the EU€ (Oxford Economics/AT&T), accessed October 3, 2013
http://www. corp. att. com/bemoreproductive/docs/capturing the ict dividend. pdf PAGE 41 THE INFORMATION TECHNOLOGY & INNOVATION FOUNDATION JUNE 2014
He is also author of the books Innovation Economics: The Race for Global Advantage (Yale, 2012) and The Past And Future Of America†s
Ben Miller is an economic growth policy analyst at the Information technology and Innovation Foundation. He has a Master†s degree in International Development and
Economics from Johns Hopkins School of Advanced International Studies ABOUT ITIF The Information technology and Innovation Foundation (ITIF) is a Washington, D c
economic system (a region for example) to generate new specialities through the discovery of new domains of opportunity and the local concentration and agglomeration of resources and
including regional innovation systems, economic geography, institutional economics and evolutionary geography (e g. Asheim et al. 2007; Frenken and Boschma, 2007;
Development Economics 72 (2: 603†633 IPTS (2011. The RIS3 Guide. Available online: http://s3platform. jrc. ec. europa. eu/s3pguide
economic growth. 19 A study by Micus Management Consulting and WIK-Consult20 suggests that companies adopting broadband-based processes improve their employees†labour productivity by
Issues in Economic policy no. 6, The Brookings Institute, July 27 Greenstein, S. and R. Mcdevitt (2012), â€oemeasuring the Broadband Bonus in Thirty OECD Countriesâ€, OECD Digital
â€oethe Economics of Next Generation Access†published by ECTA, Brussels, 16 september 2008 6. 5%14.4%8. 2%18.6%10.1%22.5%7. 2%9. 6%1. 9%1. 1
Issues in Economic policy no. 6, The Brookings Institute, July Czernich, N.,Falck, O.,Kretschmer, T. and L. Woessmann (2009:
and Economic growth; CESIFO Working paper no. 2861, Munich, December Elixmann, D.,Ilic, D.,Neumann, K.-H. and T. Plã ckebaum (2008:
The Economics of Next Ge -neration Access, Report published by ECTA, Brussels, 16 september European commission (2010:
overcome the current economic crisis and grasp new opportunities. Innovating in education and training is a key priority in several flagship initiatives of the Europe 2020 strategy
Health Economics, Policy, and Law 2006; 1 (Pt 2: 163†169 15. Garrido T et al.
-sion†s definition any entity engaged in an economic activity, irrespective of its legal form is considered an enterprise.
economic activities For more information on the SME definition, please visit the European commission website at http://ec. europa. eu/enterprise/policies/sme/files/sme definition/sme user guide en. pdf
Since 2008, the European union faces the phenomenon of economic crisis within its Member States. The crisis is global
resulting from the economic crisis The review demonstrated that much had been done but that there was still room for improvement concerning tailor-made policy for SMES.
Innovation drives economic growth and is critical to our future prosperity The development of this Strategy at a regional level is opportune as it will take advantage of the
economic growth. When properly supported they allow new methods, technologies and service to develop and grow, enhancing
signifi cant contribution to economic growth in the Midwest. However a key element of all three
response to the economic crisis. It is considered also to be of vital importance to have a strategic and integrated approach
strong and sustained economic growth it is essential that policy and investment decisions are focused on emerging global
Horizon 2020 is a means to drive economic growth and create jobs through investment in research
areas that are most likely to create economic value and jobs. The Action Plan for Jobs is a multi-annual
to concentrate on those sectors of economic activity where, for reasons of location, infrastructure or natural resources, it has a competitive advantage.
promote economic growth through research and innovation investment and growth are testament to the importance of R&i development to our national and regional economic future
future economic growth BORDER DUBLIN MIDEAST SOUTHWEST MIDWEST SOUTHEAST WEST MIDLAND â 9, 109m 6. 5
evolution is central to sustainable economic growth in any region. Research and Innovation are core components and must be developed
and expanded in order to enable economic growth in the Midwest Region. The evidence available indicates that there are strong R&i structures in the
to the potential for future economic growth and the progression of employment-related development in the Region.
support sustainable economic growth, regional development and secure employment 4. 4. 2 Industrial Development Agency (IDA
the prioritisation of complementarity between related economic activities, and fi nding better ways to combine their strengths,
significant contribution to economic growth in the Midwest. However a key element of all three developments is the generation of innovative new concepts and ideas and the establishment of
economic growth, environmental balance and social inclusion At its meeting in May 2014, the UN Commission
Economic growth and development will remain below potential if economies are not capable of exploiting new technologies and reaping their benefits
to the general economic downturn, Denmark†s government sees ICTS as a major driver for growth, innovation and economic development
Czernich, N.,Falck, O.,Kretschmer, T. and Woessmann, L. 2009), Broadband Infrastructure and Economic growth http://papers. ssrn. com/sol3/papers. cfm?
economic growth continues. However, policy and regulatory action will be necessary to step up a gear in broadband adoption, since fixed
cost relative to the economic value generated by each country. However, overall economic levels, as measured by macroeconomic variables
-economic value that may be generated by big data (Jones, 2012)( Figure 5. 1 Included within the scope of big data is the
areas of high economic activity (yellow to red areas Source: Gutierrez et al. 2013 Figure Box 5. 7:
/13 Mobile phone records have been used to infer locations of economic activity within, and patterns of migration to, slum areas
Information Economics and Policy, 27,24-38 CETIC. BR (2013), TIC Domicã lios (2012), Pesquisa sobre o Uso das Tecnologias de Informaã§Ã£o e Comunicaã§Ã£o no Brasil.
Journal of Regulatory Economics, 43.2 (2013): 168-195 Gruber, H. and Verboven, F. 2001), The diffusion of mobile telecommunication services in the European union.
Economics 28.1 (2005): 47-67 GSMA and Deloitte (2013), Arab States Mobile Observatory 2013. Available at
Journal of Law, Economics and Organization, 10 (2), 201†246 Levy, B. and Spiller, P. 1996), Regulations, institutions and commitment:
Economic policy Research, 2012 North, D. 1990), Institutions, institutional change and economic performance. Cambridge, MA: Harvard university Press
Journal of Regulatory Economics, 1 (15), 65†92 219 Measuring the Information Society Report 2014
Review of Network Economics, 2 (3), 270†286 Simmering, J. E.,Polgreen, L a. and Polgreen, P m. 2014),
Journal of Industrial Economics, 49 (1), 1†19 Wang, H.,Calabrese, F.,Di Lorenzo, G. and Ratti, C. 2010), Transportation mode inference from anonymized and aggregated
the economic growth and increase competitiveness in Romania, both by direct action and support of development of effective Romanian ICT and through indirect actions such as increasing efficiency and
pursued as Romania†s vision of the ambitious program that will drive the economic growth and increased
economic growth. These 4 fields of action are summarized as follows ï Field of action 1-egovernment, Interoperability, Cyber security, Cloud computing, Open Data
comparative advantages of regional Romania and supports economic growth in the private sector The implementation of the measures of the field of action 3 will generate in the period 2014-2020
average growth of ICT employment in Romania (7%year on year growth) before the economic downturn
the major obstacles regarding the economic growth and employment egovernment Approach in Romania Public services and their efficiency are considered to have a significant impact on the economic and social
This will create the conditions for economic activity based on open data and will stimulate cross-border applications
available online is a win-win for culture, economic growth and individual fulfillment 3. 3. 3 National context
online is a win-win for culture, economic growth and individual fulfillment. By combining policy, research
increase significantly, even in the context of the actual economic crisis. In 2013,30%of people living in
of enterprises with economic activity %4. 1%3. 6 %Share of turnover of enterprises with main activity of editing software products and
service activities in information technology overall the turnover of economic activity %1. 0%1. 1 %Source: http://www. insse. ro/cms/files/publicatii/Societatea%20informationala%202014. pdf
economic value is understood relatively well, yet its potential for solving large-scale social challenges remains largely untapped.
economic value, but that result in large -scale social impact. At the present mo -ment, the Internet offers unprecedented
-ment and economic growth for the area of Barcelona35 69growing a Digital Social Innovation Ecosystem for Europe
Commission estimates the economic value of the PSI market at approximately â 40 billion per annum. The 2013 revision of the
economic growth, facilitates innovation, and promotes efficiency, network effects and positive externalities. The development of broadband markets, efficient and innovative supply arrangements, and
These are an increasingly significant part of economic activity and they offer important opportunities to small firms.
leading or lagging countries) and sectoral distribution of economic activity, as well as size factors 9 I. BENEFITS AND USE BY SMALL BUSINESSES
it still accounts for a relatively small proportion of economic activity for firms of all sizes
Austria Let†s e-Biz The on-line information source established by the Ministry of Economics and the Chamber of
economic activity, as well as size factors 44 REFERENCES Baldwin, J. R. and D. Sabourin (2002), â€oeimpact of the Adoption of Advanced ICTS on Firm Performance in
Industryâ€, The Journal of Industrial Economics, December, pp. 417-440 Heartland Information Research, Inc (2001), â€oee-Commerce†s Impact on the Travel agency Industryâ€
The Developing Economics, March, pp. 67-100 OECD (2001a), Science, Technology and Industry Outlook: Drivers of Growth:
Mattersâ€, The Journal of Industrial Economics, December, pp. 541-558 Statistics Canada (2001), The 2000 Survey of Electronic commerce and Technology
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