Entrepreneurship, geography, and American economic growth

by Zoltán J. Ács

"Knowledge has become the primary fuel for economic growth in the twenty-first century. Through the mechanism of knowledge spillovers, the full potential of knowledge as the fuel for economic growth expands with the increasing interaction of people. The authors present a knowledge spillover theory of entrepreneurship to explain geographic variations in local rates of economic growth. Central to entrepreneurship is the process of discovering an opportunity to create value through innovation. Entrepreneurs are rewarded for transforming knowledge into new products and bringing them to...

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