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Globalization and the Knowledge-Driven Economy

Antonelli, Cristiano and Fassio, Claudio LU (2016) In Economic Development Quarterly 30(1). p.3-14
Abstract
The study implements the Schumpeterian notion of creative reaction to articulate and test the hypothesis that the shift to the knowledge economy in advanced economies is the result of the creative reaction of firms, caught in out-of-equilibrium conditions by the fast globalization of product and factor markets since the last decade of the 20th century. Advanced countries specialized in the generation and exploitation of knowledge because of its relative abundance stemming from their sophisticated knowledge governance mechanisms and the large stock of knowledge. In turn, this had strong positive effects on total factor productivity. The empirical analysis confirms that in advanced economies the specialization in knowledge-based activities... (More)
The study implements the Schumpeterian notion of creative reaction to articulate and test the hypothesis that the shift to the knowledge economy in advanced economies is the result of the creative reaction of firms, caught in out-of-equilibrium conditions by the fast globalization of product and factor markets since the last decade of the 20th century. Advanced countries specialized in the generation and exploitation of knowledge because of its relative abundance stemming from their sophisticated knowledge governance mechanisms and the large stock of knowledge. In turn, this had strong positive effects on total factor productivity. The empirical analysis confirms that in advanced economies the specialization in knowledge-based activities substituted for the previous specialization in mass manufacturing activities supporting the increase of total factor productivity. The new specialization in knowledge-intensive activities has been stronger in cases where patent activities have been more intense and the exposure to international trade and the revenue per capita have been larger. (Less)
Please use this url to cite or link to this publication:
author
organization
publishing date
type
Contribution to journal
publication status
published
subject
keywords
globalization, creative response, technological change, structural, change, knowledge economy, productivity growth
in
Economic Development Quarterly
volume
30
issue
1
pages
3 - 14
publisher
SAGE Publications Inc.
external identifiers
  • wos:000368288400001
  • scopus:84954456451
ISSN
0891-2424
DOI
10.1177/0891242415617239
language
English
LU publication?
yes
id
ccccd041-cc5d-47cc-92bd-0546572cae9b (old id 8731918)
date added to LUP
2016-02-26 14:19:03
date last changed
2017-01-01 05:49:12
@article{ccccd041-cc5d-47cc-92bd-0546572cae9b,
  abstract     = {The study implements the Schumpeterian notion of creative reaction to articulate and test the hypothesis that the shift to the knowledge economy in advanced economies is the result of the creative reaction of firms, caught in out-of-equilibrium conditions by the fast globalization of product and factor markets since the last decade of the 20th century. Advanced countries specialized in the generation and exploitation of knowledge because of its relative abundance stemming from their sophisticated knowledge governance mechanisms and the large stock of knowledge. In turn, this had strong positive effects on total factor productivity. The empirical analysis confirms that in advanced economies the specialization in knowledge-based activities substituted for the previous specialization in mass manufacturing activities supporting the increase of total factor productivity. The new specialization in knowledge-intensive activities has been stronger in cases where patent activities have been more intense and the exposure to international trade and the revenue per capita have been larger.},
  author       = {Antonelli, Cristiano and Fassio, Claudio},
  issn         = {0891-2424},
  keyword      = {globalization,creative response,technological change,structural,change,knowledge economy,productivity growth},
  language     = {eng},
  number       = {1},
  pages        = {3--14},
  publisher    = {SAGE Publications Inc.},
  series       = {Economic Development Quarterly},
  title        = {Globalization and the Knowledge-Driven Economy},
  url          = {http://dx.doi.org/10.1177/0891242415617239},
  volume       = {30},
  year         = {2016},
}