By Paul J.J. Welfens, John T. Addison
The european and the U.S. confront particular issue marketplace dynamics and customary coverage demanding situations. hard work industry advancements and long term adjustments in capital markets and capital flows signify key difficulties in getting older societies. The analyses offered right here examine the ecu and U.S. styles during this regard. furthermore, Schumpeterian innovation dynamics in addition to strength coverage concerns obtain consciousness. substantial adjustments in innovation dynamics are mentioned throughout international locations. The ebook charts the position of alternative innovation structures and data societies and highlights assorted coverage ways. one other concentration is upon structural alterations and innovation in open economies. eventually, medium and long term concepts for transatlantic cooperation are evaluated opposed to the backdrop of the Lisbon agenda.
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Sample text
1 Structural Change, Innovation and Growth 3 In the literature we find considerable evidence that information & communication technology (ICT) plays an important role for the growth differential US vs. EU15: Jorgensen and Stiroh (2000), Colecchia and Schreyer (2002), Oliner and Sichel (2002), Stiroh (2003), Inklaar, O’Mahony, and Timmer (2003) and Van Ark and Piatkowski (2004) have argued that ICT production and the use of ICT – that is ICT investment – are important drivers of productivity growth.
With the Europe Treaties of the early 1990s, opening up the EU15 markets for prospective EU accession countries external impulses overlapped 1 Structural Change, Innovation and Growth 5 the early transformation process which included restructuring and privatization of firms. Moreover, foreign direct investment inflows have considerably contributed to the modernization of the supply side, technology transfer and growth in most east European countries. In 2004, the year of full EU membership for eight eastern European countries, per capita GDP stood at 45% (at PPP figures) of EU15.
24 in the EU), but in ICT using industries there were much bigger differences, in particular wholesale trade, retail trade and financial services seem to be problem areas for Western Europe. Weak EU-15 productivity increases and slow growth are all the more unsatisfactory since Germany, France, Italy and Spain suffer from high unemployment rates and since slow growth in 2000–2005 seems to indicate that the ambitious goals of the EU Lisbon Agenda – aiming at higher growth and employment by 2010 – will not be achieved.