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| Author: | Sanders, M. |
| Title: | Scientific paradigms, entrepreneurial opportunities and cycles in economic growth |
| Journal: | Small business economics
2007 : APR, VOL. 28:4, p. 339-354 |
| Index terms: | endogenous variables entrepreneurship growth theory institutions |
| Language: | eng |
| Abstract: | This article offers a model of economic growth that uses insights from endogenous growth theory, the research of entrepreneurship and the philosophy and economics of science. Building on three standard assumptions and a Kuhnian approach to scientific knowledge formation, the model creates opportunity driven cycles in entrepreneurial activity that successively leads to waves of innovation and cycles in economic growth. These findings are able to fill a gap in all three traditional literatures. The author's contributions consist of identifying scientific institutions and entrepreneurial activity as prerequisites for economic growth, and providing a potential explanation for the changes in the levels of scientific, entrepreneurial and economic activity over the Kondratieff-cycle. |
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