innovative and fast growing industries of the future and for every success story in Asia there are at least two tales of woo in … have caused a transition in the global specialization pattern. -- globalization ; innovation ; trade ; development …

“hurdle-rate theory of inventive procyclicality”. High-ERP periods stifle innovation because many R&D projects do not pass …Schumpeterian arguments of “creative destruction” predict that innovation is countercyclical. However, empirical … findings demonstrate the contrary. We apply corporate finance principles to macro- and innovation economics and propose a …