According to Schumpeter, the creative process of economic development can be divided into the three distinguishable stages of invention, innovation (commercialization) and imitation. Following this theory, invention and innovation require different skills. This paper tests whether the invention...

It is often claimed that small and young firms account for a disproportionately large share of net employment growth. We conduct a meta analysis of the empirical evidence regarding whether net employment growth rather is generated by a few rapidly growing firms - so-called Gazelles - that are...

High-growth firms (HGFs) are critical for net job creation and economic growth. We analyze HGFs using the theory of competence blocs, linking firm growth to property rights and the interaction of complementary expertise. Specifically, we discuss how the institutional framework affects the...