This paper is an attempt to tease out a typology of economic sectors based on a systems approach to innovation and economic growth that may be useful for policy analysis. The typology explored here revolves around novel products rather than ethereal knowledge-producing entities. This insight...

Modern growth theory acknowledges that a country's economic prosperity depends in large part on its capacity for technological innovation. Empirical evidence, however, supports the view that not all sectors are equally innovative. As a result, it seems desirable from a public policy perspective...

Although scholars and policy makers have widely acknowledged the importance of so-called high-technology industries as drivers of economic change, they have paid insufficient attention to the interaction between high-tech sectors and the remainder of the economy in developed countries. We...

Patterns of intersectoral growth have featured prominently in the economic development literature for several decades. In particular, a fierce controversy between proponents of ‘‘balanced’’ and ‘‘unbalanced’’ growth dominated much of the discussion on development tactics in the...

In the earlier years of the twentieth century economists were beginning to gain a deeper understanding of the nature of the economic change. Joseph Alois Schumpeter, for example, argued that the first key step in understanding economic change is to think carefully about innovation. When Kuznets...

The process of economic integration has made considerable progress during the 1990s in the European Union (EU). Firstly, with the establishment of a single market in 1993 and now, within a relatively short period of time, the most significant yet, the movement towards a single currency for...

In this paper we examine regulatory issues relating to electronic money. The discussion proceeds along three main lines. Firstly, the focus of attention on the potential risks to the financial system is typically on the systemic risk arising from the payments system. Since issuers of electronic...