This paper explores the new market-mediating mechanisms linking SU invention on the one hand and economic growth on the other. Two such mechanisms come to our mind under venture capitalism (of which venture capitalism is directly involved only in the first): 1) a systemic rather than haphazard...

The new understanding of the characteristics of knowledge indivisibility and knowledge appropriability makes it possible to appreciate the key role pecuniary externalities play both in the generation and in the exploitation of technological knowledge. Pecuniary externalities affect access to...

The new evidence provided by the codification of intangible assets in national accounts and firm statistics offers the opportunity to test the Schumpeterian creative response hypothesis that: i) the generation and exploitation of knowledge are characterized by high levels of risk; ii) firms in...

The concept of localized technological change is emerging at the crossroads of different approaches to the economics of innovation and new technologies. The term `localized technological change' refers to the introduction of technological changes which make possible an increase in total factor...