Innovation

Edmund Phelps, Hian Hoon and Gylfi Zoega ()
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Gylfi Zoega: University of Iceland

Chapter 1 in The Great Economic Slowdown, 2023, pp 1-9 from Springer

Abstract: Abstract The role and determinants of innovations in an economy—how they are generated at the firm level under conditions of Knightian uncertainty, how they can be either indigenous or imported—are described. The determinants include different institutions such as the financial system, regulations and red tape, education and values. The sources of the European golden age of growth in the post-war decades are discussed as well as the causes of the slowdown of innovation and productivity growth over the past forty years.

Date: 2023
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DOI: 10.1007/978-3-031-31441-4_1

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