The 2008 crash has left all the established economic doctrines - equilibrium models, real business cycles, disequilibria models - in disarray. Part of the problem is due to Smith’s "veil of ignorance": individuals unknowingly pursue society’s interest and, as a result, have no clue as to the macroeconomic effects of their actions: witness the Keynes and Leontief multipliers, the concept of value added, fiat money, Engel’s law and technical progress, to name but a few of the macrofoundations of microeconomics. A good viewpoint to take bearings anew lies in comparing the post-Great Depression institutions with those emerging from Thatcher and Reagan’s economic policies: deregulation, exogenous vs. endoge- nous money, shadow banking vs. Volcker’s Rule. Very simply, the banks, whose lending determined deposits after Roosevelt, and were a public service became private enterprises whose deposits determine lending. These underlay the great moderation preceding 2006, and the subsequent crash.

The Economic Institutions of Capitalism

Models that depict innovation as a smooth, well-behaved linear process badly misspecify the nature and direction of the causal factors at work. Innovation is complex, uncertain, somewhat disorderly, and subject to changes of many sorts. Innovation is also difficult to measure and demands close coordination of adequate technical knowledge and excellent market judgment in order to satisfy economic, technological, and other types of constraints—all simultaneously. The process of innovation must be viewed as a series of changes in a complete system not only of hardware, but also of market environment, production facilities and knowledge, and the social contexts of the innovation organization.

An Overview of Innovation

Multinational enterprises and the global economy

This book opens a fresh chapter in the debate on local enterprise clusters and their strategies for upgrading in the global economy. The authors employ a novel conceptual framework in their research on industrial clusters in Europe, Latin America and Asia and provide new perspectives and insights for researchers and policymakers alike.

Governance in global value chains

From the Publisher:
"That The Global Information Technology Report 2001-2002 received such a notable positive response from a broad range of stakeholders underscores the growing relevance of information technology (IT) in national economies and the continuing need for an assessment of the readiness of countries to participate in the Networked World. Recognizing the relevance of an the rapid changes in information technology, this report is an update to the 2001-2002 Report, which is the first and most comprehensive international assessment of the readiness of countries to capture the benefits of participating in the Networked World. With regional analyses and specific country case studies, essays on a variety of IT-related subjects, detailed country profiles, and country rankings comparing the global IT experience of different nations, this report remains the most authoritative documentation to date of how Its are being used around the world."

/pdf/the-global-information-technology-report-4h31db0elq.pdf

The Global Information Technology Report

https://www.onlinelibrary.wiley.com/doi/pdf/10.1016/j.jom.2016.12.005

Why locate manufacturing in a high-cost country?: A case study of 35 production location decisions

Understanding determinants of business location decisions is important from the point of view of economic policy. While the determinants of manufacturing and R&D location have been extensively covered in the literature, in this article we examine a largely neglected question: Under what conditions do manufacturing and R&D have to be physically colocated, that is, when is unbundling the two impossible? In a sample of 241 Finnish industrial firms, we find that unbundling R&D and manufacturing is possible for some companies but indeed a postindustrial myth of sorts for many others. The need for colocation correlates with knowledge intensity of activities: product complexity, process complexity, and industry rate of change, but interestingly enough, not with the size of the firm's R&D budget.

https://onlinelibrary.wiley.com/doi/pdf/10.1111/j.1541-1338.2008.00368.x

Unbundling R&D and Manufacturing: Postindustrial Myth or Economic Reality?

Tassa tutkimuksessa tarkastellaan julkisen tutkimus- ja tuotekehitysrahoituksen vaikutuksia yrityksiin ja millainen merkitys rahoitusrajoitteella on naihin vaikutuksiin. Tutkimuksen tavoitteena on siis selvittaa lisaako vai vahentaako julkinen t&k-rahoitus yrityksen omarahoitteista t&k-toimintaa. Lisaksi selvitetaan, onko tama vaikutus erilainen rahoitusrajoitteisilla ja eirahoitusrajoitteisilla yrityksilla. Aineistona kaytetaan yritystason paneliaineistoa vuosilta 1996-2002. Tutkimusmenetelmassa otetaan huomioon, etta julkisen t&k-rahoituksen saaminen on endogeeninen tekija. Tutkimuksen mukaan julkinen t&k-rahoitus ei syrjayta yritysrahoitteista t&k:ta vaan pikemminkin taydentaa sita. Tutkimuksen keskeisin tulos on, etta julkisen t&k-rahoituksen lisaysvaikutus on suurempi suurilla yrityksilla kuin pienilla yrityksilla. Sen sijaan lisaysvaikutus on samansuuruinen seka hyvan etta huonon koronmaksukyvyn omaavilla yrityksilla

https://www.econstor.eu/bitstream/10419/63710/1/470871423.pdf

Impact of public r&d financing on private r&d does financial constraint matter?

Tutkimuksessa tarkastellaan Nokiaa osana Suomen innovaatiojarjestelmaa. Nokia toimii seka innovaatioresurssien kayttajana etta uusien resurssien tuottajana. Nokialla on suuri vaikutus siihen, etta Suomen tutkimus- ja tuotekehityspanostukset suhteessa BKT:hen on maailman karkiluokkaa. Yhtio on myos keskeisesti vaikuttanut siihen, etta Suomen korkean teknologian tuotteiden ulkomaankauppa on tuntuvasti ylijaamainen. Nokia tekee yhteistyota niin yritysten kuin korkeakoulujen ja tutkimuslaitostenkin kanssa. Taman tutkimuksen aikana tehdyt haastattelut viittaavat siihen, etta yhteistyon seurauksena tietotaitoa on levinnyt eri osapuolille. Tutkimusyhteistyon lisaksi rekrytointi korkeakouluista yrityksiin ja joissain tapauksissa yrityksista korkeakouluihin on toiminut tarkeana osaamisen siirtokanavana. Vaikka tutkimus ja tuotekehitysyhteistyo on toiminut paaasiassa hyvin, joissain tapauksissa siita on myos aiheutunut ongelmia. Osa haastatelluista koki erityisen ongelmalliseksi aineettomien oikeuksien (IPR) jakautumisen. Toinen huolenaihe koski korkeakoulujen osaamistason sailyttamista tulevaisuudessa. – Nokia ; innovaatiojarjestelma ; Suomi ; TK tutkimus- ja tuotekehitys ; koulutus ; Osaaminen ; teknologia

https://www.econstor.eu/bitstream/10419/63878/1/35260185X.pdf

Nokia in the Finnish innovation system

/pdf/mergers-and-acquisitions-reasons-and-results-39v3zrpcyd.pdf

Jyrki Ali-Yrkkö

Papers

Why locate manufacturing in a high-cost country?: A case study of 35 production location decisions

Unbundling R&D and Manufacturing: Postindustrial Myth or Economic Reality?

Impact of public r&d financing on private r&d does financial constraint matter?

Nokia in the Finnish innovation system

Mergers and acquisitions - reasons and results