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This book elaborates a new dependent and localized growth theory
based upon knowledge externalities by making two important
contributions. Firstly, it elaborates the hypothesis that total
factor productivity growth stems from pecuniary knowledge
externalities that consist in the access to localized external
knowledge, at costs that are below equilibrium levels. Secondly, it
implements the economic analysis of complex dynamic systems with a
novel approach to understanding the role of knowledge interactions
and knowledge governance mechanisms in the generation of new
technological knowledge within economic systems characterized by
webs of interdependence. This approach provides a consistent
interpretation of the puzzling experience of Italian economic
growth in the years 1950-1992, which consisted of very low levels
of expenditure in R&D yet high levels of productivity growth.
The Italian case is analysed as an original distributed innovation
system where knowledge externalities were generated by intensive
interactions-cum-transactions between upstream producers and
downstream users of capital goods, and exploited through the
introduction of capital-intensive process innovations. This
valuable book illustrates a new endogenous dependent growth theory
based on localized knowledge interactions, knowledge externalities
and knowledge governance. In so doing it makes a major step forward
in the analysis of the economic of complexity of technological
change. As such, it will be required reading for academics,
researchers and advanced students of innovation and growth
economics, industrial organization, and economic and business
history.
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