Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/190718 
Year of Publication: 
2017
Citation: 
[Journal:] Journal of Innovation & Knowledge (JIK) [ISSN:] 2444-569X [Volume:] 2 [Issue:] 3 [Publisher:] Elsevier [Place:] Amsterdam [Year:] 2017 [Pages:] 97-105
Publisher: 
Elsevier, Amsterdam
Abstract: 
Optimal growth requires pro-growth institutions and culture. In an optimal growth pattern, institutions and culture facilitate entrepreneurship and innovation. In contrast, if the development and coevolution of institutions and culture are distorted, growth can become permanently stagnant, with a distorted creative destruction process causing weak entrepreneurship and innovation activity. Policymakers should therefore plan and implement pro-growth structural changes to institutions and culture that account for their coevolution process. Otherwise, imported growth (i.e., incoming capital flows or innovation) must be relied upon to form an exogenous pro-growth prototype that promotes growth, entrepreneurship, and innovation.
Subjects: 
Institutions
Preferences
Culture
Optimal growth
Stagnant growth
Innovation
JEL: 
D40
E02
E03
O00
O30
O43
Z10
Persistent Identifier of the first edition: 
Creative Commons License: 
cc-by-nc-nd Logo
Document Type: 
Article

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