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Given the increasing relevance of emerging economies in the global economy and the neoclassical argument that technological progress is the main driver of economic growth, the purpose of this paper is to investigate the under-researched role of informal institutions on the likelihood that individuals will enter into technology entrepreneurship in emerging markets.

Since the authors combined individual-level and country-level observations, data were analyzed employing hierarchical linear modeling methods and random-effect logistic regressions to estimate the influence of country-level factors on the likelihood of individuals’ entry into techno-entrepreneurship. The data set comprised 10,280 observations for 18 emerging countries during the 2002-2008 period.

The selected informal institutions relate to techno-entrepreneurship as follows: the size of the shadow economy has a U-shaped relationship; ethnic diversity is positively associated; and ethnic polarization is negatively associated, though the latter is not significant.

The authors did not theorize on cross-level mechanisms through which these informal institutions could influence individual-level attitudes, nor did the authors assess the role of such institutions on general entrepreneurship. However, this paper provides a base for more fine-grained studies.

The authors disseminate novel insights into the particularities of emerging economies since all informal institutions studied here have been negatively associated with the overall economic experiences of developing and least developed countries. In addition, the authors provide a unique contribution by identifying a potential U-shaped relationship between the size of the shadow economy and the likelihood of individuals engaging in techno-entrepreneurship.

The purpose of this paper is to discover the economic effects of open innovation investigated the following research questions: do economic effects of open innovation – a certain economic phenomenon or economic paradigm that surpasses the level of the management strategies of individual enterprises – exist? If so, what are the economic effects?

The authors analyse the change of classical economic characteristics, such as diminishing marginal products, economy of scale, and X-inefficiency, which are selected by literature review to find out the effects of open innovation. The authors select long-tailed phenomena and App Store phenomena, which are a direct result of open innovation. From these, the authors find out the effects of open innovation.

Through exploratory-level studies, the economic characteristics of open innovation have been identified: gradual increases of marginal products, the economy of diversity, and X-efficiency improvement.

These three economic characteristics of open innovation have been verified through secondary analysis methods based on the long-tailed phenomenon and App Store phenomenon. Open innovation triggers new economic effects. Thus, the authors should create new strategies and policies to treat open innovation that are based on additional deep research.

This paper introduces new ideas about open innovation in economics.

According to the findings, open innovation will give the authors new ways to develop continuously in a knowledge-based economy.

For the first time, the authors understand the economic value of open innovation and its implications.

Contemporary Anglo-American economics, which I admire, faces two major obstacles. First, in its drive at least since Milton Freedman to be a positive science free of normative issues, it ignores its own current intellectual foundations buried at the heart of its analysis of the “advantages of trade”: Fairness. Second, the major driver of economic growth in the past 50,000 years has been the explosion of goods and production capacities from perhaps 1,000 to 10,000 long ago, to perhaps 10 billion goods and production capacities today. Economics, lacking a theory for this explosion, deals with this explosion by ignoring it and treating it as “exogenous” to its theory.

The “Edgeworth Box” carries the heart of advantages of trade, demonstrating for properly curved isoutility curves a region where you and I are better-off trading some of my apples for some of your pears. The ratio of these in trade constitutes price. But spanning the region of advantages of trade is the famous CONTRACT CURVE, where we have exhausted all the advantages of trade. Different points on the curve correspond to different prices. But the Contract Curve is Pareto Optimal, motion on the curve can only make one of us better-off at the expense of the other. Critically, economics has NO THEORY for where we end up on the Contract Curve. Nor, since different points on the curve correspond to different prices, can PRICE settle the issue.

Using the Ultimatum Game I will show that FAIRNESS typically drives where we settle on the Contract Curve, as long as we do not have to trade with one another. Thus ethics enters economics at its foundation, yet cannot be mathematized, so is ignored in Freedman’s name of a positive science.

Perhaps more important, unlike physics, no laws entail the evolution of either the biosphere or the “econosphere.” There are no laws of motion whose integration would entail that evolution. Lacking an entailing theory of the growth of the economy in diversity, often of new goods and production capacities, economists ignore the most important feature of economic growth, wrongly treating it as “exogenous.”

The failures above are likely to play major roles in the lapse to mere greed in our major financial institutions, and in our inadequate capacities to help drive growth in much of the poverty-struck world.

Presents an essay on Asia Pacific Economic Co‐operation (APEC), an innovative and flexible form of co‐operation designed to accommodate the diversity of the economies on the Pacific Rim. The main challenge for the APEC process is finding a workable compromise between different approaches to economic co‐operation. Points out that the structure of APEC will need great flexibility to accommodate the declining influence of the USA in the Asia Pacific and the increasing strength of the Chinese and South East Asian economies compared to both Japan and the USA. Appendix contains an executive summary of the targets which were agreed by APEC governments, at Bogor, Indonesia, in 1994, in order to realize their vision of free and open trade and investment.

The Corona crisis today has made it possible to realise that the capitalist system has transformed human life and the entire planet into a commodity. The new ecological consciousness, which has risen with environmental destruction, is against the destructive and wasteful practices that exploit nature because of the attitudes and values associated with the capitalist worldview. Social solidarity and active participation in the society nourish the social economy. Social solidarity contains a meaning that ‘people in wealth give, people in need take’ style. This approach has shown to be an effective and common solidarity example both in Turkey also in the world during the Corona crisis. Social solidarity actually involves sharing resources equally or fairly. The corona epidemic has clearly demonstrated that an individualistic, self-interested approach of capitalism is not a life-saving strategy, but a socialist, solidarist approach, an approach that promotes the survival and health of the other is a life-saving strategy for all. A new cosmological and anthropological approach will be the formula of salvation, based on a social economy system in the post-corona world, which can see that life in nature, including humans, is protected through cooperation, mutual care and love. Capitalism will again come out of this crisis by adding billionaires to its billionaires, but different civilisations such as workers, producers and consumer cooperatives, solidarity networks, and street economy that grow in the heart of capitalism are the signs that we are progressing towards the evolution of the social economy.

This paper contributes to addressing the research gap relating to the absence of a systematic analysis as to how new technologies can support the application of circular economic principles in the tourism industry through the promotion and articulation of a start-up ecosystem able to feed tourism organizations with circular economy solutions.

A sample from a population of start-ups, mainly Spanish, linked to the circular economy was gathered and analyzed; in addition to secondary data, a survey was designed and administered for the purpose of primary tourism industry data collection.

A holistic start-up ecosystem for circular tourism is taking shape, facilitated by interactions between tourism and other economic activities, with the aim of tackling a diversity of circular economic objectives. The interest from start-ups in the circular economy for tourism seems to be rising, with attention given to certain technologies in line with the trend toward digitization and automation processes. Nevertheless, the potential for growth in the application of Technology 4.0 remains significant. Finally, the circular principle of reduction (energy and food waste) has emerged as a key objective in tourism.

The article provides insights on the application of circular economic principles in tourism through its interaction with a specialized start-up ecosystem able to support a paradigm shift toward circular tourism.

This paper aims to examine the relationship between knowledge-economy and economic growth in 16 Asia-Pacific (AP) countries during the period 2011–2018. The study also aims to investigate a diversity of knowledge-economy pillars, including tertiary education, domestic innovation, foreign innovation, economic incentives and institutional regime and information and communications technologies (ICTs) and their relation to economic growth.

The study applies a comparative empirical analysis using pooled ordinary least squares (OLS), one-step difference generalised methods of moments (GMM) and bias-corrected least-squares dummy variables (LSDVc) estimators to test this relationship.

Pooled OLS estimators deemed suboptimal to the panel data under study, while GMM results reveal a significant relationship between tertiary education, domestic and foreign innovation, government expenditure and investments with economic growth. Of these results, domestic innovation, investments and government consumption are positively correlated with economic growth, whereas tertiary education and foreign innovation show a negative relation. Meanwhile, institutions and ICT have insignificant relationships with economic growth. LSDVc results coincide with GMM results with respect to tertiary education, whereas institutions is the only additional significant and negatively correlated variable with economic growth.

The main limitation of this research lies in the unavailability of proxy data for knowledge economy pillars in monetary terms, and hence, the paper relies on indices.

The novelty of the study lies in its aim to investigate economic growth in the AP region that is enhanced by domestic innovation, foreign innovation or both – an area which is empirically understudied in the knowledge-economy context. Further, the paper’s novelty lies in its application of a comparative empirical analysis between the most popular dynamic panel estimators – dynamic GMM and bias-corrected LSDVc for AP countries.

Evidence suggests that the notion of diversity in employment has failed to meet expectations of increased inclusion and organizational competitiveness in an ever‐changing and globalizing economic context. This paper aims to consider the use of language of diversity in an organizational context.

Using discourse analysis, the paper examines data obtained from semi‐structured interviews conducted with human resources managers and personnel managers. Participants' descriptions of diversity in relation to one particular group of (potential) employees, namely older jobseekers, are analysed for their function and effects in relation to organizational knowledge and practices.

Diversity in employment provides organizational managers with a resource that can more usefully be viewed as linguistic than as knowledge based. Its use offers organizations a means of accounting for existing practices and should not be taken to signal commitment to organizational change.

Work that has treated discourse of diversity as evidence of efforts to promote inclusion and competitiveness has failed to consider fully the effects of language use. A focus on language as action in its own right shows how diversity in employment as used accomplished outcomes that are totally divergent from the usually assumed benefits of diversity.

This research examines factors that affect media selection decisions for foreign markets as perceived by advertising executives of U.S. multinational corporations. The main objective is to determine whether cultural factors play a significant role in the selection process. The study investigates the opinions of 84 advertising executives of U.S. consumer durable product manufacturers. Findings reveal that managers place more importance on general factors (type of product, target audience, budget size, cost efficiency, reach and frequency, and competition) than they place on specific non‐domestic factors (media availability, language diversity, legal constraints, level of economy, literacy, and cultural considerations). Findings also suggest that executives tend to be more involved in establishing objectives and budgets than in creative strategy and media selection.

The purpose of this paper is three-fold. The first objective is to contextualize and clarify the concepts of regional innovation systems and entrepreneurship, addressing their differences and complementarities and suggesting an analytical filter to enhance their understanding. The second aim is to question and analyse the challenges this renewed approach brings to the domain of territorial policy, namely, the role it may bring to local and regional development strategies, opening up the way for a set of public policy interventions on the fields of entrepreneurship and innovation promotion. Finally, the paper presents and analyses the example of Coimbra, a medium-sized city in Portugal, underlining both the role of academia and the Instituto Pedro Nunes-Incubator have had on these domains.

The paper is based on a case study approach, with an in-depth descriptive and exploratory analysis of the Coimbra entrepreneurial ecosystem.

The paper acknowledged the role entrepreneurial stakeholders have on the fertilization of the innovation and entrepreneurial Coimbra ecosystem. The Instituto Pedro Nunes-Incubator, with a new generation of startups, mostly born on its infrastructure as university spin-offs, gradually introduced a more business-oriented perspective on the local innovation system which, alongside the creation of a thicker networking and more profound cooperation culture, with the growing involvement of other local stakeholders such as science parks (Coimbra iParque), has had a decisive role on upgrading urban competitiveness. These new knowledge-based startups also have important spill-over effects that are beneficial to the growth of other firms in the same locality. There is evidence that they also provide an important Schumpeterian stimulus within economies by increasing competition, promoting innovation and augmenting the efficient allocation of resources within economies. Besides the more traditional transactional forms of support (tax incentives, grants, etc.), there is now the recognition that relational forms of support such as network building, developing connections between entrepreneurial actors, institutional alignment of priorities, fostering peer-based interactions have been strategic to improve both the efficiency and the effectiveness of the entrepreneurial ecosystem.

There is, thus, a need for more profound theorization and empirical research that can produce additional comprehension into this domain of the cause-effect relationships between entrepreneurship, innovation and local and regional dynamics. Some authors suggest, in particular, that the existing work on entrepreneurial ecosystems within popular business literature and academic research still has a deficit of a solid theoretical foundation, making the entrepreneurial ecosystem approach somehow both ambiguous and immature concept and, thus, reducing its generalizability and policy applicability. Research that evaluates the relationship between entrepreneurial performance and the level of government participation as part of governance systems will also be of great significance over the near future as it will help researchers and policymakers to realize better where the different stakeholders can enhance entrepreneurship and where their intervention will possibly diminish positive outcomes.

The main practical implications of this paper are associated with the need that urban and regional policymakers to formulate more business-led strategies to promote territorial innovation and entrepreneurship. The paper also offers conceptual tools that point out the need that innovation stakeholders, namely, universities, incubators and firms, have to assume more protagonism in promoting competitiveness and sustainability.

The entrepreneurial ecosystem approach constitutes both a theoretical and analytical useful tool to define competitive strategies for urban and regional economies. Urban and regional-innovation ecosystem construction is a representative method of realizing territorial development and competition enhancement, through sustainable job and wealth creation.

This paper analysis summarizes and integrates the increasing and scattered literature of both the regional innovation systems and of the entrepreneurial ecosystems and delivers new insights for the future development of this field, namely, in terms of renewal of policy formulation and implementation. The singularity of the case study is associated with the fact that Coimbra entrepreneurial ecosystem is still largely embryonic, having its roots on a paradigm strategic shift the University adopted towards a more proactive role in terms of city aand regional development.