Acs, Zoltan J.; Carlsson, Bo; Braunerhjelm, Pontus; … - Max-Planck-Institut für Ökonomik, Max-Planck-Gesellschaft
The intellectual breakthrough contributed by the new growth theory was the recognition that investments in knowledge … and human capital endogenously generate economic growth through the spillover of knowledge. Endogenous growth theory does … not explain how or why spillovers occur. The missing link is the mechanism converting knowledge into economically relevant …