In this paper I will focus exclusively on opportunity in the narrow sense and therefore on the origin of the required knowledge. For the purpose of this paper an opportunity exists when all reqiured elements of knowledge are "out there" and await the arrival of a keen entrepreneur to recognize,...

This paper presents a model of endogenous growth in which the main engine of economic development is knowledge. Using a two-sector closed economy model that comprises of a conventional goods-producing sector and a research and development sector, our model incorporates two key aspects of...

This paper revisits the debate about the appropriate differential equation that governs the evolution of knowledge in models of endogenous growth. We argue that the assessment of the appropriateness of an equation of motion should not only be based on its implications for the future, but that it...