A Theory of Innovation: Market Transition, Property Rights, and Innovative Activity

Victor Nee, Jeong-han Kang and Sonja Opper

Journal of Institutional and Theoretical Economics (JITE), 2010, vol. 166, issue 3, 397-425

Abstract: The aim of this paper is to specify a theory to explain why transitions to a market economy cause a shift to a higher level of innovation. Marketization increases the power of economic actors relative to political actors, increases inter-firm competition, creates new opportunities for entrepreneurship, and subsequently motivates innovative activity. For our empirical application, we focus on China's transition economy, which offers a broad range of institutional environments to examine the relation between market transition and increasing innovative activity by entrepreneurs and firms.

JEL-codes: O31 P3 P31 (search for similar items in EconPapers)
Date: 2010
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Citations: View citations in EconPapers (4)

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