Innovation Economy, Productive Public Expenditures and Economic Growth

Oscar Afonso, Sara Monteiro and Maria Thompson
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Sara Monteiro: Nice Sophia Antipolis University - CEMAFI

No 13/2012, NIPE Working Papers from NIPE - Universidade do Minho

Abstract: Innovation is the main engine of growth in an increasing number of economies. Innovation economies are, according to the Quadruple Helix (QH) Innovation Theory, sustained by four pilars – Firms, Academia, Government and Consumers –, all operating in a systemic, interactive environment. We provide a model that gives analytical body to the QH theory and links formally innovation to economic growth. We aim to emphasise the equally important roles of the four helices sustaining an innovation economy and its long run growth. In particular, given the downwards pressure on Government expenditures, we analyse the effects of an increase in public expenditures on economic growth, which we find positive in the short, medium and long-run.

Keywords: Innovation Economy; Consumers; Quadruple Helix; Productive Public Expenditures; Economic Growth (search for similar items in EconPapers)
JEL-codes: C63 O10 O31 (search for similar items in EconPapers)
Date: 2012
New Economics Papers: this item is included in nep-fdg and nep-ino
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Journal Article: Innovation Economy, Productive Public Expenditure and Economic Growth (2014)
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