Innovation and Regional Growth in the European Union by Riccardo Crescenzi

By Riccardo Crescenzi

This publication investigates the EU’s neighborhood development dynamics and, particularly, the explanations why peripheral and socio-economically deprived parts have over and over didn't meet up with the remainder of the Union. It indicates that the potential of the knowledge-based development version to convey its anticipated advantages to those components crucially will depend on tackling a particular set of socio-institutional elements which prevents innovation from being successfully translated into financial progress. The publication takes an eclectic method of the territorial genesis of innovation and neighborhood progress through combining varied theoretical strands into one version of empirical research overlaying the complete EU-25. An in-depth comparative research with the USA is usually incorporated, delivering major insights into the special beneficial properties of the eu means of innovation and its territorial determinants. The proof produced within the publication is widely utilized to the research of ecu improvement policies.

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The relative importance of the various determinants of regional growth varies significantly where assessed from opposed perspectives. Top-down analyses are designed to capture macrodevelopmental dynamics: as an example they can assess the aggregate average impact of innovative efforts on the economic performance of a cross-section of regions, highlighting common and “general” trends. In so doing these models will treat as a “residual” all specific idiosyncratic factors that differentiate one region from the other.

8 Explaining Core and Periphery Patterns 25 well as failing to include innovation among such determinants. , unemployment) but necessarily fails to account for “differences in technological levels and innovative performance across countries, which we believe to be one of the most fundamental disequilibrium mechanisms in the world economy” (Fagerberg 1988, p. 438). Building on the limitations of previous contributions and assuming disequilibrium conditions “right from the start”, Fagerberg (1988) proposes a “technology-gap theory” of economic growth as an application of Schumpeter’s dynamic theory of capitalist development which explicitly assumes the interaction of two “conflicting” forces [innovation (which generates the technology gap) and imitation or diffusion (which tend to reduce it)] as an “engine of growth”.

Where exposure to external knowledge flows is maximised thanks to high accessibility) provide the setting where economic and social actors benefit from proximity to other economic and social actors with whom they can relate from a cognitive, organizational, social, and institutional dimension, creating the adequate environment for exchanges of ideas, Jacobs’ type externalities, innovation, and ultimately, economic activity and growth (Duranton and Puga 2001). Large (urban and industrial) agglomerations provide the anchor for the flows generated by 20 2 Theoretical Framework: A Spatial Perspective On Innovation the information and knowledge society to take hold: it is true that advanced economic activity can now happen in more areas of the world than before, but, even in these places, it will tend to increasingly concentrate in a series of agglomerated relational nodes.

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