Europe’s missing Yollies

Michele Cincera and Reinhilde Veugelers

ULB Institutional Repository from ULB -- Universite Libre de Bruxelles

Abstract: Europe’s lackluster capacity to generate growth and particularly productivity growth is for a significant part attributable to a subdued capacity to innovate. Policies aimed at boosting growth through research and development have not delivered. Private R&D intensity remains to date low (and productivity growth has declined). Looking at potential causes for this poor performance, analysis has looked at the importance of sector specialization as well as churning problems and firm demography. In this paper we go further by linking the two dimensions. We show that the EU’s business R&D deficit with the US can be almost entirely explained by the EU having fewer young leading innovators and, even more importantly, having fewer of these in new high-R&D intensive sectors. It addresses the implications of this finding for EU’s research and innovation policy design.

Keywords: EU-US R&D intensity gap; young leading innovators; industrial str (search for similar items in EconPapers)
JEL-codes: L11 O47 O57 (search for similar items in EconPapers)
Date: 2011-11-01
Note: This is a translation of: Europe’s missing Yollies
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Published in: Reflets et perspectives de la vie économique (2011) v.50 n° 3,p.93-105

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Journal Article: Europe's missing Yollies (2011)
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