Firms across sectors and regions are highly skewed in their ability to engage with innovation, and even more skewed in their ability to translate investments in innovation into higher growth. Recent attention has been placed on the importance of ‘high growth firms’ (HGF) for innovation...

Noting that the contribution of R&D is being integrated into national accounts just as these come under criticism for potentially overstating output, this paper uses a re-assessment of the concept of value to examine scope for under- and over-statement in conventional GDP. It assesses ways in...