The spillovers in knowledge among largely college-educated workers
were among the key reasons for the impressive degree of economic
growth and spread of entrepreneurship in the United States during
the 1990s. Prior 'industrial policies' in the 1970s and 1980s did
not advance growth because these were based on outmoded large
manufacturing models. Zoltan Acs and Catherine Armington use a
knowledge spillover theory of entrepreneurship to explain new firm
formation rates in regional economies during the 1990s period and
beyond. The fastest-growing regions are those that have the highest
rates of new firm formation, and which are not dominated by large
businesses. The authors of this text also find support for the
thesis that knowledge spillovers move across industries and are not
confined within a single industry. As a result, they suggest,
regional policies to encourage and sustain growth should focus on
entrepreneurship among other factors.
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