The basic theme underlying this paper is qualitative change taking place during economic development. These changes in the composition of the economic system should become one of the most important variables in models of economic growth and development. Our knowledge of the relationship between...

Accounts of economic change recognize that markets create selective pressures for the adaptation of technologies in the direction of customer needs and production efficiencies. However, non-adaptational bases for technological change are rarely highlighted, despite their pervasiveness in the...

In this study a regime-switching approach is applied to estimate the chartist and fundamentalist (c&f) exchange rate model originally proposed by Frankel and Froot (1986). The c&f model is tested against alternative regime-switching specifications applying likelihood ratio tests. Nested...

In this paper, we give an overview on recent developments in the research on national innovation systems (NIS). Essentially, we identify three development lines of the concept. These are policy-oriented studies that frequently combine the NIS approach with the terminology of corporate...

Financial crises are still as much a part of the modern, information-and-communication-technology-based (ICT) economy as they were of previous economies. Why are we apparently unable to learn lessons from the past and avoid what Charles Kindleberger (2000) has called “manias, panics and...

The literature remains inconclusive as to whether Marshallian specialization or Jacobian diversification externalities favor regional innovativeness. The specialization thesis asserts that regions with production structures specialized towards a particular industry tend to be more innovative in...

An assumption generally subscribed to in evolutionary economics is that new technological paradigms arise from advances is science and developments in technological knowledge. Further, demand only influences the selection among competing paradigms, and the course of the paradigm after its...

While the neoclassical growth theory considered economic growth as a process of mere accumulation of production capital, the endogenous growth theory shifted the lens to the importance of knowledge in the production process and its potential to create spillovers. We argue in this paper that...

This paper aims to understand some of the mechanisms which dominate the phenomenon of knowledge diffusion in the process that is called ‘interactive learning’. We examine how knowledge spreads in a network in which agents interact by word of mouth. The social network is structured as a...