64 research outputs found
Skill biased technical change : its origins, the Interaction with the labour market and policy implications
No full textSavings, finance, and capital for entrepreneurial ventures
No full textTo promote an entrepreneurial society, many of the institutions that mobilize and allocate savings and financial resources in the European Union must be reformed. The proposals in this area seek to address the bias against small, innovative, and young ventures in Europe’s financial markets, dominated by banks and large pension funds. These intermediaries tend to prefer large debt-based investments over the small equity investments that young ventures need, and the problem is exacerbated by perverse tax incentives. In addition, we discuss reforms that can support the emergence of new, platform-based intermediation in financial markets. Competencies for reform are divided among member states and the Union, but often fall outside the traditional scope of entrepreneurship policy
Introduction:: Why Entrepreneurship?
No full textThe European Union suffers from an innovation deficit, which must be remedied if the EU is to improve the quality of life of its citizens and remain competitive in the global marketplace. We explain why productive entrepreneurship is a way towards restoring inclusive, innovative, and sustainable growth in Europe before presenting the theoretical framework of the experimentally organized economy, a perspective stressing the collaborative nature of productive entrepreneurial venturing. The perspective helps us outline an entrepreneurial reform strategy, which acknowledges the substantial cross-country differences across the union. Since each EU member state has evolved its particular bundle of institutions, many of which are complementary to one another, a one-size-fits-all approach to reforming institutions is likely to fail. Finally, we summarize the six reform areas which will be addressed in subsequent chapters, and formulate six guiding principles—neutrality, transparency, moderation, contestability, legality, and justifiability—for developing tailored reform strategies for the European Union, its member states, and regions
Making entrepreneurship policy or entrepreneurial policymaking
No full textTo promote innovation and economic growth in the European Union, we have outlined a reform strategy with respect to the institutions and policies that matter the most for fostering a productive entrepreneurial economy. Here, we conclude by summarizing all the previous chapters and discussing how the 50 proposals presented can be used as building blocks but should not be considered a blueprint for institutional reform in the European Union. Rather, implementing reforms for an entrepreneurial society in Europe will have to involve policymaking which is itself entrepreneurial. That is, fast cycles of trial and error will be required to carefully tailor a reform strategy to local conditions and institutional preconditions. But policymakers should not lose sight of the long-term goal of institutional reform to promote entrepreneurship, innovation, and growth across Europe and extend their ambitions to do so beyond the traditional domain of entrepreneurship policy
Mobilizing human capital for entrepreneurship
No full textNew, innovative business venturing hinges on the creation and mobilization of human capital and knowledge. The proposals in this chapter aim to strengthen and expand the European knowledge space in which Europe’s entrepreneurs build their ventures. Reforms to improve the production and flow of knowledge touch on educational systems, research institutes, and universities. Whereas educational systems remain the almost exclusive legal competency of national or even regional policymakers, reforms addressing intellectual property and the mobility of knowledge and people across the European Union touch on supranational policy domains that extend the scope of entrepreneurship policy beyond its traditional policy areas
What we have learned and how we may proceed
No full textIn this chapter, the editors conclude this volume and draw the most important lessons that can be drawn from the FIRES project. The editors highlight theoretical lessons, methodological innovations, and policy implications
Labor markets and social security in the entrepreneurial society
No full textIncreasing the availability of skilled labor to small and innovative ventures is imperative if entrepreneurship and innovation are to flourish within the European Union. Building up a qualitatively and quantitatively fitting labor force is always a challenge for new, growing ventures, but Europe’s labor market and social security systems tend to create specific barriers to such growth. By aiming for neutrality and portability in social security systems, we propose reforms that will increase the mobility and flexibility of labor, while maintaining a generous level of social security and labor protection. As competencies in labor markets and social security are concentrated at the member state level, the proposals made in this chapter mainly speak to policymakers at that level. Moreover, our proposals extend the scope of what is traditionally considered entrepreneurship policy
How to fill the ‘financing gap’ for the transition to low-carbon energy in Europe?
No full textIn models exploring energy transition pathways, existing investment flows are contrasted with predictions for investments needs to indicate a ‘financing-gap’ for the European energy transition. The authors draw on an in-depth analysis and comparison of the main scenarios being employed to forecast investments until 2050 as well as an analysis of the literature on the sources of finance for renewable energy. Long-term projections do not capture the supply or demand of specific sources of finance needed to cover the whole innovation chain. Our analysis reveals that under the individual investment and lending criteria/mandates the money is available. However, policy uncertainty strongly distorts investment decision making. Especially institutional investors and lenders such as pension funds and banks shy away from investments in the energy transition because of expected (policy) discontinuities and the risk of stranded assets. Moreover, more risk-bearing equity capital to finance the early stages of innovative clean energy technologies is needed to complement existing large-scale investments in existing technologies to allow for an effective and efficient mitigation that is in line with the major scenarios. Based on the analysis we develop a matrix that indicates the role for different sources of finance and new intermediation channels in the energy transition and how they need to be engaged.
Skill-biased technical change: theoretical concepts, empirical problems and a survey of the evidence
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