German economic performance has astonished the world. At the turn of the century, Germany had been written off as the sick man of Europe. No more. Even as most of its European neighbors and OECD trading partners have struggled in the face of a turbulent global economy, the German economy has thrived. How does Germany do it? What is the secret? In The Seven Secrets of Germany, authors David Audretsch and Erik Lehmann answer these very questions. This book reveals, explains, and analyzes seven key aspects of Germany, its economy, and its society that have provided the nation with considerable buoyance in an era of global turbulence. These seven features range from the key and strategic role played by small firms to world leadership in its skilled and trained labor force, an ability to harness global opportunities through leveraging local resources, public infrastructure, the capacity to deal with change and confront challenges in a flexible manner, and the emergence of a remarkably positive identity and image. The Seven Secrets of Germany have insulated the country from long-term economic deterioration and enabled it to take advantage of the opportunities afforded from globalization rather than succumbing as a victim to globalization. This insights can be instructive to other countries and refute the defeatist view that globalization leads to an inevitable deterioration of the standard of living, quality of life, and degree of economic prosperity.

The Seven Secrets of Germany: Economic Resilience in an Era of Global Turbulence

Business & Money

Audretsch, David B.

Lehmann, Erik E.

Economics

Oxford University Press

Previous generations enjoyed the security of lifelong employment with a sole employer. Public policy and social institutions reinforced that security by producing a labor force content with mechanized repetition in manufacturing plants, and creating loyalty to one employer for life. This is no longer the case. Globalization and new technologies have triggered a shift away from capital and towards knowledge. In today's global economy, where jobs and factories can be moved quickly to low-cost locations, the competitive advantage has shifted to ideas, insights, and innovation. But it is not enough just to have new ideas. It takes entrepreneurs to actualize them by championing them to society. Entrepreneurship has emerged as the proactive response to globalization. In this book, award-winning economist David B. Audretsch identifies the positive, proactive response to globalization--the entrepreneurial society, where change is the cutting edge and routine work is inevitably outsourced. Under the managed economy of the cold war era, government policies around the world supported big business, while small business was deemed irrelevant and largely ignored. The author documents the fundamental policy revolution underway, shifting the focus to technology and knowledge-based entrepreneurship, where start-ups and small business have emerged as the driving force of innovation, jobs, competitiveness and growth. The role of the university has accordingly shifted from tangential to a highly valued seedbed for coveted new ideas with the potential to create not just breathtaking new ventures but also entire new industries. By understanding the shift from the managed economy and the emergence of the entrepreneurial society, individuals, businesses, and communities can learn how to proactively harness the opportunities afforded by globalization in this new entrepreneurial society.

The Entrepreneurial Society

By serving as a conduit for knowledge spillovers, entrepreneurship is the missing link between investments in new knowledge and economic growth. The knowledge spillover theory of entrepreneurship provides not just an explanation of why entrepreneurship has become more prevalent as the factor of knowledge has emerged as a crucial source for comparative advantage, but also why entrepreneurship plays a vital role in generating economic growth. Entrepreneurship is an important mechanism permeating the knowledge filter to facilitate the spill over of knowledge and ultimately generate economic growth.

Entrepreneurship and Economic Growth

Keilbach, Max C.

Every city, region and state wants to do better---or at the very least, not do worse. Places have a strong and vigorous concern with and stake in generating a stronger economic performance. This concern spans a broad spectrum of constituents and interests, including business, labor, non-profit organizations, government, and private residents. However, such decision makers mandated with the strategic management of their place receive little guidance or insight from scholars in terms of a systematic framework for evaluating how to generate and sustain a competitive advantage for their place. While an entire academic field exists devoted to analyzing how firms and organizations can create and sustain a competitive advantage and ultimately a strong economic performance---the field of strategic management in business schools---no such analogous field exists which is devoted to guiding and informing decision makers mandated and concerned with the strategic management of their place. Everything in Its Place seeks to fill this intellectual void, explaining the underlying economic and social factors and the broad spectrum of policies and instruments that can actually influence and enhance economic performance in places. Several academic fields have generated a number of important theories, empirical findings, and case studies that shed considerable light on identifying and unraveling the underlying forces about what shapes this economic performance. Combined in this book with the actual experiences and instincts garnered from practitioners and policy makers, these insights are integrated together in into a coherent, inclusive framework to guide and inform thought leaders and scholars in the strategic management of places.

Everything in Its Place: Entrepreneurship and the Strategic Management of Cities, Regions, and States

Entrepreneurs generally lack the marketing capabilities necessary to bring their new product to market. To engage the resources required to do this, they must somehow place a value on the enterprise. However, all of the methods of valuation currently available are based on the use of historical or current revenues, and therefore are not applicable to an entrepreneurial enterprise with a first-time product. In Valuing an Entrepreneurial Enterprise, Audretsch and Link present a valuation method uniquely tailored to emerging technology-based ventures that have no revenue history to lean on. Unlike many traditional methods, theirs does not take into account the track record of companies and products similar to that being valuated. Instead, it draws on economic theory to formulate a solution to the problem. The book develops conceptual ground, including trends in entrepreneurship, models of innovation, and the economics of standards and entrepreneurship policy. The authors review the traditional valuation methods and illustrate them numerically with case studies to show how the traditional approach produces an incorrect valuation. The core of the book presents the new methodology and demonstrates how it avoids the pitfalls of past approaches. The authors also show how public policy on technology and infrastructure changes valuations of start-up firms in areas such as stem-cell products and renewable fuels projects. Valuing an Entrepreneurial Enterprise will serve as a valuable resource for advanced students, economists, financial planners, and valuators interested in new valuation methods and the theory behind them, as well as those interested in entrepreneurship.

Valuing an Entrepreneurial Enterprise

Link, Albert N.

Utilizing a unique data set, Zoltan Acs and David Audretsch provide a rich empirical analysis of the increased importance of small firms in generating technological innovations and their growing contribution to the U.S. economy. They identify the contributions made by both small and large firms to the innovative process and the manner in which market structure, and the firm-size distribution in particular, responds to technological change. The authors' analysis relies on traditional theories of industrial organization and tests existing hypotheses, many of them previously untested due to data constraints. Innovation and Small Firms brings together two large data bases recently released by the U. S. Small Business Administration - one directly measuring innovative activity for large and small firms, the other providing a detailed census of economic activity for all manufacturing firms and plants across a broad spectrum of industries. Acs and Audretsch describe and evaluate the data bases in the context of the literature on innovation, market structure, and firm size. They present their findings on the presence of small firms, small-firm entry in manufacturing, small-firm growth and flexible technology, and mobility and firm size. They compare static and dynamic measures of small-firm viability and address the relationships between R&amp;D, innovation, and productivity, and analyze the interaction between technological regimes and the role of government in innovation.

Innovation and Small Firms (Mit Press)

Acs, Zoltan

MIT Press]

Innovation, Industry Evolution and Employment offers an important new cross-disciplinary approach to one of the most important problems in modern economics, creating employment and economic growth. Presenting original theoretical and empirical research by leading experts in an accessible style, it will be vital reading for policy professionals as well as researchers and students in disciplines such as knowledge management, industrial organization, the economics of technological change and international economics. Case study material is taken from countries including France, Germany, Holland, Canada and the United States.

Innovation, Industry Evolution and Employment

Cambridge University Press

Public Sector Innovation

Demircioglu, Mehmet Akif

Business Development & Entrepreneurship

In this book David Audretsch examines the impact of public policy in the entrepreneurial society and in ensuring that entrepreneurship continues to serve as a driving force for economic performance.Do university policies or knowledge conditions make a difference to entrepreneurship? Does policy influence the commercialization route? This comprehensive book addresses such questions in a thoughtful selection of essays from one of the most influential and erudite sources in entrepreneurship research.The result is an interesting and informative book, which will appeal to scholars of business, entrepreneurship, evolutionary economics and public policy. The detailed investigation into the relevance of entrepreneurship makes Public Policy in the Entrepreneurial Society a topical read for both academics and entrepreneurs alike.

Public Policy in the Entrepreneurial Society

Edward Elgar Publishing

Institutions, Entrepreneurship, and Economic Performance (International Studies in Entrepreneurship, 41)

Using institutional economics as a theoretical framework, this book&nbsp;analyzes&nbsp;institutional environment&nbsp;conducive to entrepreneurial activity in order to enhance economic performance&nbsp;across countries. In particular,&nbsp;the main contributions of&nbsp;this book to the entrepreneurship literature&nbsp;are the following:&nbsp; * Identify&nbsp;past and current research about the institutional context shaping entrepreneurial activity and its effect on economic growth *&nbsp;Examine social progress orientation as those institutional factors that are shaping innovative entrepreneurial activity * Explore&nbsp;the effect of&nbsp;different&nbsp;types of entrepreneurial activities on economic growth * Examine&nbsp;how social progress orientation through&nbsp;opportunity-driven&nbsp;entrepreneurship affects economic development * Analyze&nbsp;the interrelationships between institutions, entrepreneurial activity and economic development across countries * Study&nbsp;how&nbsp;the country's institutional context influences the way in which entrepreneurial activity affects social progress&nbsp; Two sides of the same coin might be observed when analyzing policy aspects of those institutions affecting entrepreneurial activity. On the one hand, effective public policy to promote entrepreneurship is predicated on understanding the underlying forces as well as the consequences and impacts of entrepreneurship.&nbsp;On the other hand, different endeavors to promote&nbsp;entrepreneurial activity might have deleterious economic effects since they could actually reduce employment in the long-term. Thus, it is crucial to understand the institutional environment in which entrepreneurs are interacting and making decisions. The comprehension of these phenomena serves to move forward the theoretical, practical and policy debate on entrepreneurship as a mechanism to achieve higher economic performance.

Urbano, David

Aparicio, Sebastian

Springer

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