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Innovation

In: The Great Economic Slowdown

Author

Listed:
  • Edmund Phelps

    (Columbia University)

  • Hian Teck Hoon

    (Singapore Management University)

  • Gylfi Zoega

    (University of Iceland)

Abstract

The role and determinants of innovations in an economy—how they are generated at the firm level under conditions of Knightian uncertainty, how they can be either indigenous or imported—are described. The determinants include different institutions such as the financial system, regulations and red tape, education and values. The sources of the European golden age of growth in the post-war decades are discussed as well as the causes of the slowdown of innovation and productivity growth over the past forty years.

Suggested Citation

  • Edmund Phelps & Hian Teck Hoon & Gylfi Zoega, 2023. "Innovation," Springer Books, in: The Great Economic Slowdown, chapter 1, pages 1-9, Springer.
    • Handle: RePEc:spr:sprchp:978-3-031-31441-4_1
    DOI: 10.1007/978-3-031-31441-4_1
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