Author: Arthur Grimes
First shown in Ways of Thinking about Economic Growth: Papers from MED's Growth Seminar Series, but produced as MED Occasional Paper 08-07 for the Ministry for Economic Development.
Each of the preceding contributions emphasises the importance of knowledge creation in the presence of uncertainty; they also emphasise the role that the profit motive plays in guiding the knowledge creation process. Policies that reduce the ability to spot unexploited profit opportunities, and/or reduce the returns from doing so, can be detrimental to growth outcomes.
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