Journal•ISSN: 0266-903X
Oxford Review of Economic Policy
Oxford University Press
About: Oxford Review of Economic Policy is an academic journal published by Oxford University Press. The journal publishes majorly in the area(s): Monetary policy & Economics. It has an ISSN identifier of 0266-903X. Over the lifetime, 1237 publications have been published receiving 79210 citations. The journal is also known as: OxREP online.
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TL;DR: A paradox has been the emergence of the importance of local proximity and geographic clusters precisely at a time when globalization seems to dominate economic activity as mentioned in this paper, and the purpose of this paper is to resolve this paradox by explaining why and how geography matters for innovative activity and ultimately for the international comparative advantage.
Abstract: A paradox has been the emergence of the importance of local proximity and geographic clusters precisely at a time when globalization seems to dominate economic activity. The purpose of this paper is to resolve this paradox by explaining why and how geography matters for innovative activity and ultimately for the international comparative advantage. Globalization and the telecommunications revolution have triggered a shift in the comparative advantage of the leading developed countries towards an increased importance of innovative activity. This shift in comparative advantage has increased the value of knowledge-based economic activity. Since knowledge is generated and transmitted more efficiently via local proximity, economic activity based on new knowledge has a high propensity to cluster within a geographic region. This has triggered a fundamental shift in public policy towards business, away from policies constraining the freedom of firms to contract and towards a new set of enabling policies, implemented at the regional and local levels. Copyright 1998 by Oxford University Press.
1,121 citations
TL;DR: A new genre of research, often described as the "new economic geography", has emerged as discussed by the authors, which differs from traditional work in economic geography mainly in adopting a modelling strategy that exploits the same technical tricks that have played such a large role in the 'new trade' and 'new growth' theories; these modelling tricks, while they preclude any claims of generality, do allow the construction of models that clearly derive aggregate behaviour from individual maximization.
Abstract: Since 1990 a new genre of research, often described as the 'new economic geography', has emerged. It differs from traditional work in economic geography mainly in adopting a modelling strategy that exploits the same technical tricks that have played such a large role in the 'new trade' and 'new growth' theories; these modelling tricks, while they preclude any claims of generality, do allow the construction of models that—unlike most traditional spatial analysis—are fully general-equilibrium and clearly derive aggregate behaviour from individual maximization. The new work is highly suggestive, particularly in indicating how historical accident can shape economic geography, and how gradual changes in underlying parameters can produce discontinuous change in spatial structure. It also serves the important purpose of placing geographical analysis squarely in the economic mainstream.
1,025 citations
TL;DR: In this article, the authors highlight the need for policy-makers and academics to take account of the two-way nature of the relationship between education and the economy, both on the macro-level by easing the transition of the workforce into new industries and at the micro-level, where firms producing high quality, specialized goods and services require a well-qualified workforce capable of rapid adjustment in the work process and continual product innovation.
Abstract: In the last decade, education and training (ET) reform has become a major issue in many of the world's industrial powers. One theme which runs throughout these reform initiatives is the need to adapt ET systems to the changing economic environment. These changes include: the increasing integration of world markets, the shift in mass manufacturing towards newly developed nations and the rapid development of new technologies, most notably information technologies. Education and training are seen to play a crucial role in restoring or maintaining international competitiveness, both on the macro-level by easing the transition of the workforce into new industries, and at the micro-level, where firms producing high quality, specialized goods and services require a well-qualified workforce capable of rapid adjustment in the work process and continual product innovation. This paper will highlight the need for policy-makers and academics to take account of the two-way nature of the relationship between ET and the economy.
964 citations
TL;DR: The analysis contained in this paper was funded by the European Commission, the ESRC and ESF under grant RES-000-23-0901 and the Advanced Institute of Management Research (AIM) as mentioned in this paper.
Abstract: NBER WORKING PAPER SERIESINNOVATION AND PRODUCTIVITY ACROSS FOUR EUROPEAN COUNTRIESRachel GriffithElena HuergoJacques MairesseBettina PetersWorking Paper 12722http://www.nber.org/papers/w12722NATIONAL BUREAU OF ECONOMIC RESEARCH1050 Massachusetts AvenueCambridge, MA 02138December 2006We would like to thank Laura Abramovsky, Manuel Arellano, Rupert Harrison, Jordi Jaumandreu,Elizabeth Kremp, Pierre Mohnen, Helen Simpson. The analysis contained in this paper was fundedby the European Commission, the ESRC and ESF under grant RES-000-23-0901 and the AdvancedInstitute of Management Research (AIM). All errors and omissions remain the responsibility of theauthors. The views expressed herein are those of the author(s) and do not necessarily reflect the viewsof the National Bureau of Economic Research.© 2006 by Rachel Griffith, Elena Huergo, Jacques Mairesse, and Bettina Peters. All rights reserved.Short sections of text, not to exceed two paragraphs, may be quoted without explicit permission providedthat full credit, including © notice, is given to the source.
839 citations
TL;DR: In this paper, the authors show that there are limits to venture capital as a solution to the funding gap, especially in countries where public equity markets are not highly developed, and further study of governmental seed capital and subsidy programs using quasi-experimental methods is warranted.
Abstract: Evidence on the "funding gap" for RD 2) evidence for high costs of RD 3) there are limits to venture capital as a solution to the funding gap, especially in countries where public equity markets are not highly developed; and 4) further study of governmental seed capital and subsidy programs using quasi-experimental methods is warranted.
832 citations