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Growing out of the Crisis: Hidden Assets to Greece's Transition to an Innovation Economy

Author

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  • Herrmann, Benedikt

    (European Commission)

  • Kritikos, Alexander S.

    (DIW Berlin)

Abstract

Greece's currently planned institutional reforms will help to get the country going with limited economic growth. With an economy based primarily on tourism, trade, and agriculture, Greece lacks an established competitive industry and an innovation-friendly environment, resulting in a low export ratio given the small size of the country and its long-time EU-membership. Instead, Greece exports only its nation's talent, with low returns. To become prosperous, the country must better capitalize on its Eurozone membership and add innovative sectors to its economic structure. Given Greece's hidden assets, such as the attractiveness of the country, a small number of strong research centers and an impressive diaspora in research, finance and business, we envision a Greek "Silicon Valley" and propose a ten point policy plan to achieve that goal.

Suggested Citation

  • Herrmann, Benedikt & Kritikos, Alexander S., 2013. "Growing out of the Crisis: Hidden Assets to Greece's Transition to an Innovation Economy," IZA Discussion Papers 7606, Institute of Labor Economics (IZA).
    • Handle: RePEc:iza:izadps:dp7606
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    2. Platon Yvantopoulos & John Yvantopoulos, 2015. "The Greek Tragedy in the Health Sector: Social and Health Implications," Vierteljahrshefte zur Wirtschaftsforschung / Quarterly Journal of Economic Research, DIW Berlin, German Institute for Economic Research, vol. 84(3), pages 165-182.
    3. Ioannis Giotopoulos & Alexander S. Kritikos & Aggelos Tsakanikas, 2023. "A lasting crisis affects R&D decisions of smaller firms: the Greek experience," The Journal of Technology Transfer, Springer, vol. 48(4), pages 1161-1175, August.
    4. Theodore Tarnanidis & Jason Papathanasiou & Demetres Subeniotis, 2019. "How Far the TBL Concept of Sustainable Entrepreneurship Extends Beyond the Various Sustainability Regulations: Can Greek Food Manufacturing Enterprises Sustain Their Hybrid Nature Over Time?," Journal of Business Ethics, Springer, vol. 154(3), pages 829-846, February.
    5. Eugenia Vathakou & Maria Tsampra & Pantelis Sklias, 2017. "Addressing Un/Under-Employment at the Local Level: Participatory Action Research in Greece of Crisis," EconWorld Working Papers 17004, WERI-World Economic Research Institute, revised Mar 2017.
    6. Zhang Hailun & Xu Sheng, 2017. "The Innovation-Driven Impact on Economic Structure Transition. The Case of China," International Journal of Management and Economics, Warsaw School of Economics, Collegium of World Economy, vol. 53(4), pages 9-26, December.
    7. Maria Petmesidou & Periklis Polyzoidis, 2015. "What Policy Innovation For Youth in the Era of Prolonged Austerity? The Case of Greece," Cyprus Economic Policy Review, University of Cyprus, Economics Research Centre, vol. 9(2), pages 35-77, December.
    8. Tsampra, Maria & Bouranta, Nancy & Gkerats, Reveka, 2017. "Regional patterns of employability in the Greek Labour market," MPRA Paper 82275, University Library of Munich, Germany.

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    More about this item

    Keywords

    Greece; growth strategy; regulatory environment; entrepreneurship; innovation; innovation systems;
    All these keywords.

    JEL classification:

    • L2 - Industrial Organization - - Firm Objectives, Organization, and Behavior
    • L26 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Entrepreneurship
    • O3 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights
    • O4 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity

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