This paper presents the findings of a survey of 237 high tech small and medium sized businesses based in the UK. The survey is part of an ongoing comparative study of high tech small businesses in the UK and Japan. The paper describes the growth, innovative activity and market structure of businesses studied. Based on characteristics of the businesses and their CEOs five ‘types’ of high tech sm...

Why are new financial instruments created? Why are they needed and what purpose do they serve? This paper proposes the view that financial development arises as a response to the contractual needs of emerging technologies. Exogenous technological progress generates a demand for new financial instruments in order to share risk or overcome private information, for example. A model of the dynamics...

Technical progress is at the heart of economic growth and development. New or improved technology can be achieved through own research and innovations or through the absorption and adaptation of foreign technologies. To facilitate such technical progress requires a complex system of supporting institutions and good economic policies. This paper analyzes technical progress and innovation policie...

We have conducted a dynamic stochastic investment analysis of carbon capture, transport and storage (CCTS) retrofitting in an environment of CO2 price and technology uncertainty. It includes the option to invest in, and to use or shut down, the CCTS unit. While modeling certificate price uncertainties is standard, stochastic processes including diminishing increments are implemented for thermal...

According to standard dynamic choice theories, patience is a key driving factor behind the accumulation of the proximate determinants of economic development. Using a novel representative data set on time preferences from 80,000 individuals in 76 countries, we investigate the empirical relevance of this hypothesis in the context of a development accounting framework. We find a significant reduc...

The emergence of collaborative approaches in innovation policy and regional governance has increased expectations for universities to engage strategy making assume broader roles responsibilities. Nonetheless, complexities inherent the process, context universities’ own institutional organisational capacity are often ignored or under-explained when framing roles. Although these frequently introd...

This paper investigates whether technological shocks, constructed to be consistent with the observed cross-country income dispersion, are also capable of accounting for development regularities related to capital accumulation. This question is approached via a quantitative theoretical analysis of an integrated world economy model. An open economy framework constrains country heterogeneity to be...

The objective of this work is to try to define and calculate the optimal growth path, in the presence of exogenous technical change, without resorting to the discounted-sum criterion. The solution suggested is to consider an optimality criterion expressing an Allais-anonymous intergenerational consensus. The partial characterization of consensual optimality was made possible thanks to the decom...

Growth, Development, and Technological Change The theory of endogenous technical change has deeply contributed to our understanding of the fundamental sources of economic growth and development. In this chapter we survey important contributions in the field by focussing on the basic structure of endogenous growth models with horizontal as well as vertical innovation and emphasizing important im...

This article compares and contrasts male immigrant labor market experiences in Sweden and Denmark during the period 1985 1995. Using register-based panel data sets from Sweden and Denmark, a picture of the employment assimilation process of immigrants from Norway, Poland, and Turkey, is brought forth. The comparative approach shows that immigrants in Sweden and Denmark experienced similar decli...