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Entrepreneurship and Technology in Economic Development

    https://doi.org/10.1142/S0116110585000100Cited by:2 (Source: Crossref)

    Entrepreneurship and technology are key elements of innovation. Nevertheless, economists have long considered them as external to the economic system, although their consequences are fully recognized and emphasized in economic analysis. It is only in the recent past that some economists have begun to conceptualize and study the nature of innovation. In the 1950s and 1960s, attempts were made for the first time to measure statistically the contributions of increased capital and labor to growth. These studies showed that a substantial portion of growth was left unaccounted for by mere quantitative increases in the conventional inputs of capital and labor. And this “residual” was interpreted to represent a single variable, namely, technological progress…

    Disclaimer: The Asian Development Bank (ADB) recognizes its members by their official designations as indicated in https://www.adb.org/who-we-are/about. By making Asian Development Review articles available in this online archive, ADB does not intend to make any judgments as to the legal or other status of any territory or area. The views expressed in this content are those of the authors and do not necessarily reflect those of ADB.