By Heikk Eskelinen

Drawing on a wealthy literature and case examine fabric from chosen industries, and elaborating on key thoughts resembling organisations and talents, industries and commercial structures, and competitiveness and prosperity, this booklet units out to reply to 3 wide learn questions: * what's festival approximately in modern-day economic system? * Why do geographical parts (local milieus, towns, areas, nations) focus on certain types of monetary job, and why do styles of specialization, as soon as in position are typically so significantly sturdy? * How can high-cost areas usually and small industrialized nations specifically maintain competitiveness and prosperity in an more and more globally built-in global economic system? This booklet issues the best way out of a quandary created by way of fresh commercial thought and coverage: is it attainable for nations which aren't destined to be best high-tech powers to exploit the present conjuncture of more and more open-markets.

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Additional info for Competitiveness, Localised Learning and Regional Development: Specialization and Prosperity in Small Open Economies (Routledge Frontiers of Political Economy, No 13)

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New knowledge can also be created intentionally, as a resourceconsuming effort, for example through public or firm-based R&D activities; meticulous observations; conscientious surveys; prudent inquiries; scrupulous explorations, and in a number of other ways. Sometimes the outcome is of significantly less value than expected, while at other times pleasant surprises occur, partly because it might enhance the ability to absorb and utilise already existing knowledge (Cohen and Levinthal 1989). Still, deliberate knowledge creation is an activity where the necessary relevant information to facilitate rational decision making is absent (Dosi and Orsengio 1988).

Routines allow the firm to economise on finding facts and processing information, just as its procedures simplify the everyday tasks of making decisions (Simon 1982; Heiner 1983). The procedures and routines that a firm develops will determine the distribution of its specific actions within the range of possibilities that are open to it at any given time. Each new round of knowledge creation is strongly influenced by the successes and failures of former rounds, and this limits the range of possible avenues that the firm might take in the time to come (Dosi 1990).

14 They represent the mental equivalent to the combination of knowledge with practice that in a more physical form characterises, for instance many performing arts: A pianist about to play a fast composition such as a Chopin étude does not think, ‘Now I hit A-flat and next…’. ’ The rest is programmed in muscles via long practice. If it is not, one is certainly not a skilled pianist. (Kline 1991:480) An expert computer programmer searching for a bug in a program capitalises on his or her knowledge as well as long practice in reading hidden signs and cues, suggesting the location and type of the error.

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