By Paul J.J. Welfens, John T. Addison
The ecu and the U.S. confront specified issue marketplace dynamics and customary coverage demanding situations. hard work industry advancements and long term adjustments in capital markets and capital flows characterize key difficulties in getting older societies. The analyses offered the following examine the eu and U.S. styles during this regard. furthermore, Schumpeterian innovation dynamics in addition to power coverage concerns obtain awareness. substantial adjustments in innovation dynamics are pronounced throughout international locations. The ebook charts the position of other innovation platforms and information societies and highlights varied coverage techniques. one other concentration is upon structural adjustments and innovation in open economies. eventually, medium and long term strategies for transatlantic cooperation are evaluated opposed to the backdrop of the Lisbon agenda.
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Extra info for Innovation, Employment and Growth Policy Issues in the EU and the US
Scale intensive products also imply that the perfect competition model does not hold. In some cases, scale intensive products exhibit both static and dynamic scale economies so that high production volumes could be combined with first mover advantages. Interestingly, the US has achieved a higher export unit value in all fields where it has enjoyed a positive comparative advantage. This suggests a positive feedback mechanism in the sense that a higher export unit value goes along with increased profitability, which in turn reinforces investment and hence should contribute to an improving RCA.
8 The share of manufacturing (equipment and software) in total private net stock of equipment and software in the USA (at current costs, %) . . . . . . . . . . . 9 The share of manufacturing (machinery and equipment) in total machinery and equipment net stock of Germany (at replacement costs, %) . . . . . . . . . . 10 A decelerating growth of inter-industry dispersion of capital-intensity (%) . . . . . . . . . . . 1 Innovation performance of selected EU-countries .
The post-1995 differences in EU–US productivity patterns are fundamentally driven by the US’s superiority in terms of its capacity to produce and absorb new technologies, most notably in the case of ICT. Healthy knowledge production and absorption processes are mutually supportive elements of any successful long run productivity strategy. Evidence is presented which suggests that the US’s overall innovation system is superior to that of the EU’s, both in terms of the quality and funding of its knowledge sector and the more favorable framework conditions prevailing.
Innovation, Employment and Growth Policy Issues in the EU and the US by Paul J.J. Welfens, John T. Addison