This introductory chapter to the book reviews global trends in markets, focusing on globalisation and digitalisation. It is argued that the global economy seems to have entered a new phase after the financial crisis, whereby flows of goods no longer exponentially rise while data flows boom. This new phase can therefore be called ‘digital globalisation’, spurred by the fourth industrial revolution, the meaning and implications this book aims at analysing, especially regarding industry and industrial policy.
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Patrizio Bianchi and Sandrine Labory
Lasse Gerrits and Stefan Verweij
We argue that infrastructure projects are complex and that evaluations of such projects need to do justice to that complexity. The three principal aspects discussed here are heterogeneity, uniqueness, and context. Evaluations that are serious about incorporating the complexity of projects need to address these aspects. Often, evaluations rely on single case studies. Such studies are useful because they allow researchers to focus on the heterogeneous, unique, and contextual nature of projects. However, their relevance for explaining other (future) projects is limited. Larger-n studies allow for the comparison of cases, but they come with the important downside that their relevance for explaining single projects is limited because they cannot incorporate heterogeneity, uniqueness, and context sufficiently. The method Qualitative Comparative Analysis (QCA) presents a promising solution to this conundrum. This book offers a guide to using QCA when evaluating infrastructure projects.
Patrizio Bianchi and Sandrine Labory
Tüzin Baycan and Hugo Pinto
This volume brings together regional scientists interested in the study of crisis and innovation dynamics. Resilience here is used as a bridging notion to connect different types of theoretical and empirical approaches to the comprehension of the impacts of economic turbulence at the system and actor levels. The volume helps to rethink how regional resilience can be improved and how the social aspects of vulnerability, resilience and innovation can be integrated. It also addresses recent theories and concepts related to research on crisis, resilience and innovation dynamics, providing a valuable overview and introduction to this rapidly emerging field for academics, policy-makers, researchers and students who share a common interest in and commitment to resilience and innovation.
Luciano Lazzeretti and Marilena Vecco
Luciana Lazzeretti, Francesco Capone and Niccolò Innocenti
This chapter has a twofold objective. First, it aims to contribute to addressing the fragmentation of the literature on the creative economy, and second, to lay the foundation for an economics of creative industries. Following a bibliometric approach, the authors analyse all publications collected from the ISI Web of Science database, starting from 1998 and ending in 2016. Through the analysis of nearly 1600 publications, they study the evolution of creative economy research (CER). They apply a co-citation analysis developed using social network analysis, thereby exploring the ‘founders’ and ‘disseminators’ of cultural and creative industries (CCIs). Results underline that CCIs are not only the major topic in CER research, but this trend has become stronger in the last few years. In addition, evidence of this work strongly confirms the relevance of CCIs in the contemporary economy. This importance can only be expected to grow in the future. This last result supports the hypothesis concerning the foundation of an economics of creative industries.
Charlie Karlsson, Andreas P. Cornett and Tina Wallin
Åke E. Andersson and David Emanuel Andersson
The games of markets including entrepreneur-driven economic development have always taken place on an arena of the combined material and non-material infrastructure. The infrastructure thus constitutes the arena; it is public capital that facilitates and constrains the rapid “games” of buying and selling that economic agents play. Agents perceive the arena as stable because its evolution is so much slower than that of markets for goods and services. Synergetic theory is well equipped to handle such multiple timescales. Its application to economic phenomena enables us to show that competitive equilibrium theory requires prior specification of the infrastructural arena, which consists of public knowledge, space-bridging networks and institutions. Synergetic theory can also help us avoid the pitfalls of conventional macroeconomic theory. In this chapter, we demonstrate how macroeconomic equilibrium depends on the infrastructure. We claim that all goods are durable and are thus instances of capital. This means that historical trajectories, current outcomes, uncertain expectations and changes in spatial accessibility all influence the growth and fluctuations in the value of capital goods. Dynamic non-linear interactions between scientists, inventors and entrepreneurs affect investments. New technological or design ideas spread most easily among spatially proximate firms within communication and transport networks. Such network effects shape processes of spatial clustering, agglomeration and urbanization. Based on causal and various econometric considerations, it has been common for economists to resort to difference equation in their modeling strategies. But if we include dynamic interactions within a system of difference equations—so as to accommodate realistic causal assumptions—it will often result in complex models with chaotic outcomes. However, there are ways out of chaos in economic modeling. The first is to focus on continuous dynamic synergetic models, which implies a careful separation of variables and dynamic processes according to their relevant timescales as well as the collectiveness of their impacts.