London School of Economics and Political Science

About: London School of Economics and Political Science is a education organization based out in London, United Kingdom. It is known for research contribution in the topics: Politics & Population. The organization has 8759 authors who have published 35017 publications receiving 1436302 citations.

Creative cities: the cultural industries and the creative class

Abstract: The aim of this article is to critically examine the notion that the creative class may or may not play as a causal mechanism of urban regeneration. I begin with a review of Florida's argument focusing on the conceptual and theoretical underpinnings. The second section develops a critique of the relationship between the creative class and growth. This is followed by an attempt to clarify the relationship between the concepts of creativity, culture and the creative industries. Finally, I suggest that policy-makers may achieve more successful regeneration outcomes if they attend to the cultural industries as an object that links production and consumption, manufacturing and service. Such a notion is more useful in interpreting and understanding the significant role of cultural production in contemporary cities, and what relation it has to growth.

Building Micro-foundations for the Routines, Capabilities and, Performance Links

Abstract: Micro-foundations have become an important emerging theme in strategic management This paper addresses micro-foundations in two related ways First, we argue that the kind of macro (or ‘collectivist') explanation that is presently utilized in the capabilities view in strategic management—which implies a neglect of micro-foundations—is incomplete There are no mechanisms that work solely on the macro-level, directly connecting routines and capabilities to firm-level outcomes While routines and capabilities are useful shorthand for complicated patterns of individual action and interaction, ultimately they are best understood at the micro-level Second, we provide a formal model that shows precisely why macro-explanation is incomplete and which exemplifies how explicit micro-foundations may be built for notions of routines and capabilities and how these impact firm performance

Procyclical Fiscal Policy in Developing Countries: Truth or Fiction?

Abstract: A large empirical literature has found that fiscal policy in developing countries is procyclical, in contrast to high-income countries where it is countercyclical. The idea that fiscal policy in developing countries is procyclical has all but reached the status of conventional wisdom. This has sparked a growing theoretical literature that attempts to explain such a puzzle. Some authors, however, have suggested that procyclical fiscal policy could be more fiction than truth since, by and large, the current literature has ignored endogeneity problems and may have simply misidentified a standard expansionary effect of fiscal policy. To settle this issue of causality, we build a novel quarterly dataset for 49 countries covering the period 1960-2006, and subject the data to a battery of econometric tests: instrumental variables, simultaneous equations, and time-series methods. We find overwhelming evidence to support the idea that procyclical fiscal policy in developing countries is in fact truth and not fiction. We also find evidence that fiscal policy is expansionary -- a channel disregarded by the existing literature -- lending empirical support to the notion that when "it rains, it pours."

Entrepreneurship, Social Capital, and Institutions: Social and Commercial Entrepreneurship Across Nations

Abstract: We model and test the relationship between social and commercial entrepreneurship drawing on social capital theory. We propose that the country prevalence rate of social entrepreneurship is an indicator of constructible nation-level social capital and enhances the likelihood of individual commercial entry. We further posit that both social and commercial entrepreneurial entry is facilitated by certain formal institutions, namely strong property rights and (low) government activism, albeit the latter impacts each of these types of entrepreneurship differently. We apply bivariate discrete choice multilevel modeling to population-representative samples in 47 countries and find support for these hypotheses.