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Low Returns in R&D Due to the Lack of Entrepreneurial Skills

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  • Claudio Michelacci

Abstract

This paper proposes a model of endogenous growth where innovating requires both researchers, who produce inventions, and entrepreneurs who implement them. As research and entrepreneurship compete in the allocation of aggregate resources, the relation between growth and research effort is hump-shaped. When entrepreneurs appropriate too little rents from innovation, too few resources are allocated to entrepreneurship and returns to R&D are low because of this lack of entrepreneurial skills. When so, innovation should be promoted by encouraging entrepreneurship rather than research.

Suggested Citation

  • Claudio Michelacci, 2002. "Low Returns in R&D Due to the Lack of Entrepreneurial Skills," Working Papers wp2002_0201, CEMFI.
    • Handle: RePEc:cmf:wpaper:wp2002_0201
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    Cited by:

    1. Yan Zhou & Sangmoon Park, 2020. "The Regional Determinants of the New Venture Formation in China’s Car-Sharing Economy," Sustainability, MDPI, vol. 13(1), pages 1-22, December.
    2. Haifeng Qian & Zoltán J. Ács, 2015. "An absorptive capacity theory of knowledge spillover entrepreneurship," Chapters, in: Global Entrepreneurship, Institutions and Incentives, chapter 9, pages 161-173, Edward Elgar Publishing.
    3. David Audretsch & Maksim Belitski, 2013. "The missing pillar: the creativity theory of knowledge spillover entrepreneurship," Small Business Economics, Springer, vol. 41(4), pages 819-836, December.
    4. Haifeng Qian & Zoltán J. Ács & Roger R. Stough, 2015. "Regional systems of entrepreneurship: the nexus of human capital, knowledge and new firm formation," Chapters, in: Global Entrepreneurship, Institutions and Incentives, chapter 14, pages 257-285, Edward Elgar Publishing.
    5. Haifeng Qian, 2017. "Skills and knowledge-based entrepreneurship: evidence from US cities," Regional Studies, Taylor & Francis Journals, vol. 51(10), pages 1469-1482, October.
    6. Del Giudice, M. & Scuotto, V. & Garcia-Perez, A. & Messeni Petruzzelli, A., 2019. "Shifting Wealth II in Chinese economy. The effect of the horizontal technology spillover for SMEs for international growth," Technological Forecasting and Social Change, Elsevier, vol. 145(C), pages 307-316.

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