It is by now an established fact, that the so-called high technology industries have experienced growth rates way above average through most years. High technology industries share of the world manufacturers export has risen from 12 per cent in 1970 to 25 per cent in 1995. More than one-third of...

With cumulative innovation and imperfect information about the value of innovations, intellectual property rights can result in hold-up and therefore it may be better not to have them. Extending the basic cumulative innovation model to include 'sampling' by second-stage firms, we find that the...

The benefits of an international division of labour is never illustrated more clearly than in small developed nations like Denmark. Without many natural resources such countries can never be self sufficient and they need access to foreign markets in order for their firms to specialise and...