The Dynamics of Knowledge Externalities

Download or read book The Dynamics of Knowledge Externalities written by Cristiano Antonelli and published by Edward Elgar Publishing. This book was released on 2011-01-01 with total page 233 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book elaborates a new path 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.