Chapter 12: The cultural percolation of new knowledge: a regional analysis of the cultural impact on knowledge creation in EU27
Knowledge has long been discussed in economics, but largely as an input in local development and much less as a result of human choice with respect to research efforts and R & D investment. Yet, the literature has managed to elucidate the enormous importance of the creation of knowledge. The idea that the key to change in the economic structure and the source of a structural jump in development is the creation and application of new knowledge (i.e. innovation) emerged as far back as Marx and his concept of creative destruction (Marx, 1859; 1867; Elliott, 1978, 1979; Harvey, 2006, 2010). Since then, the potential of new knowledge to change the initial conditions in a locality and cause the rise of a new economic order has been termed creative destruction, with the concept gaining popularity due to the works of Schumpeter (1939, 1942). Based on Schumpeter’s ‘quality ladder model’ of knowledge creation, R & D investment was analysed as a source of innovation dependent on a firm-specific decision (for some recent examples, see Florida, 2002a, 2002b, 2005; Chrobot-Mason et al., 2009; van Knippenberg et al., 2011; Brunow and Nijkamp, 2012; Trax et al., 2012; Phelps, 2013; Mokyr, 2014).
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