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Standing on the shoulders of giants

The Economics of an Emergent System Property

Cristiano Antonelli

This chapter highlights the limits of current approaches to the economics of innovation. It also stresses their role in articulating a theory of innovation as an endogenous process that relies upon the characteristics of the system in which the response of firms to unexpected mismatches in both labour and factor markets takes place. The role of Marshallian contributions to Schumpeterian thinking is stressed.

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Edited by Alexandra Tsvetkova, Jana Schmutzler, Marcela Suarez and Alessandra Faggian

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Preface

Achieving Fiscal Sustainability

Edited by Naoyuki Yoshino and Peter J. Morgan

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Edited by Mellani Day, Mary C. Boardman and Norris F. Krueger

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Multinationals: in theory and practice

A Narrative of Theory and Practice

Robert Pearce

Outlines the aims, themes and content/structure of the book (i) To track the development of a theory of IB that will allow the understanding and evaluation of MNEs as agents in the global economy. (ii) To trace the evolution of the MNE as an organisational structure that has changed through time in response to changes (institutional and technological) in the global economy. (iii) To point up the ways in which these two analytical strands have overlapped in mutually supportive and elucidatory ways. (iv) Provides and elaborates a definition of the MNE.

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Sherrill Shaffer and Laura Spierdijk

Decades of theoretical and empirical research have contributed numerous ways to measure competition and to compare the competitive impact of alternate regulatory policies and market environments. Several of the most convenient measures, unfortunately, are beset by very serious problems, while none are completely ideal. Faced with an ongoing and undiminished need to assess competition and market power nonetheless, we would advocate a focus on the scant handful of “least objectionable” measures. Among these, the Lerner index and the Rothschild–Bresnahan conduct index together provide complementary, well-established, easily understood measures that relate to policy-relevant aspects of market power according to formal underlying theoretical models of firms and industries. The latter approach is slightly more demanding with regard to data and estimation techniques, requiring nonlinear systems estimation except in a correlation version under additional assumptions; one tradeoff is that the correlation version yields only qualitative (rather than quantitative) conclusions about market power.

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Jana Schmutzler, Marcela Suarez, Alexandra Tsvetkova and Alessandra Faggian

This introductory chapter synthesizes the arguments presented by the book contributors and argues that a broad definition of innovation systems is appropriate in the context of developing and transition countries. By weaving in specific examples from the chapters, the introduction demonstrates the importance of a context-specific approach that takes into account sociocultural context, macroeconomic structures and institutions. Taken as a whole, the book shows how the system level of National Innovation Systems (NIS) influences the way firms and other actors build up competences and learn, while the outcomes of interactions among these actors at the micro level shape the NIS environment.

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Jacob A. Bikker and Laura Spierdijk

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Mellani Day, Mary C. Boardman and Norris F. Krueger

The introduction to this handbook presents an overview of issues that will be introduced in the rest of the chapters with respect to the nascent field of neuroentrepreneurship. Entrepreneurship researchers have begun to investigate brain-based research methods; however, hurdles such as a lack of familiarity with and training in neuroscience research design and implementation, along with interpretation of reactions in the brain to stimuli in laboratory experiments, has prevented any wide-scale adoption of these methods. Initial questions that neuroscientists wrestle with, and that those who would focus on brain-based research should consider, such as philosophical stance on brain versus mind and causation, are addressed.

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Peter J. Morgan and Long Q. Trinh

Sustainable and inclusive growth in emerging Asian economies requires continued high levels of public sector investment in areas such as infrastructure, education, health, and social services. These responsibilities, especially with regard to infrastructure investment, need to be devolved increasingly to the regional government level. However, growth of sources of revenue and financing for local governments has not necessarily kept pace, forcing them, in some cases, to increase borrowing or cut spending below needed levels. This chapter reviews alternative models of the relationship between central and local governments, and provides an overview and assessment of different financing mechanisms for local governments, including tax revenues, central government transfers, bank loans, and bond issuance, with a focus on the context of emerging Asian economies. The chapter also reviews financing mechanisms for local governments and mechanisms for maintaining fiscal stability and sustainability at both the central and local government levels. Based upon the evidence on the decentralization process in Asia, it proposes some policy implications for improving central–local government relations and fiscal sustainability.