Abstract
Nowadays, economies all over the world are described taking part in a race seeking the most appropriate and effective ways that could provide them with the strengths and opportunities necessary to obtain and sustain a competitive advantage over their rivals. Due to this competitiveness race, productivity enhancement is of great importance for the economic development in the face of uncertainties generated by international competition. That is the reason why countries are struggling to maintain and also accelerate their growth rates.
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Notes
- 1.
Arrow (1962) was the first to systematically appreciate the importance of innovation and technological change in the capital formation and economic growth. He observed that increases in income per capita could not be explained by increases in capital to labour ratio and concluded that the power behind the increase in productivity is the acquisition of knowledge and learning experience created and acquired during the production procedure.
- 2.
Third Cohesion Report, 2004.
- 3.
Third Cohesion Report, 2004.
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Kokkinou, A., Korres, G.M., Papanis, E., Giavrimis, P. (2013). Social Policy and Socio-economic Integration in Europe. In: Carayannis, E., Korres, G. (eds) European Socio-Economic Integration. Innovation, Technology, and Knowledge Management, vol 28. Springer, Boston, MA. https://doi.org/10.1007/978-1-4614-5254-6_11
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