Dynamics of Entrepreneurship and Economic Growth
13.1 The Background
Technological changes have been at the apex of economic growth for a long time. From about the 1980s the pace of knowledge development and associated technological transformation has been sensational. The major drivers of these changes have been the information technology, biotechnology and nanotechnology. To absorb these technologies into the mainstream of production, distribution and coping with the requisite changes in the economic and social organization have been the main themes of theoretical as well as practical investigations. Given the current state of assimilation of these technologies by various countries it may not be possible to visualize any steady state in the near future. Perforce the investigations must refer to transitional dynamics of the relationships between knowledge generation, its utilization in production and organization of exchange.
The major theme in economic analysis of recent vintage concerns the absorption of new knowledge. An...
KeywordsForeign Direct Investment Large Firm Information Asymmetry Endogenous Growth Endogenous Growth Model
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