I am active in a tradition of economics that emphasizes the importance of entrepreneurship, innovations and institutions. There is no economic development if the same goods and services are repeatedly produced in the same way. Wealth is therefore contingent on change; on the discovery and use of new productive knowledge. Joseph Schumpeter described economic development as a process of creative destruction. New ideas challenge old ones and the economy “transforms” as value creating enterprises grow through attracting resources from enterprises with less successful business ideas. The entrepreneur holds a key role, it is (s)he who identifies and commercializes new valuable knowledge. My research comprises the following research areas:
- Entrepreneurship: How do different theoretical traditions define and describe the economic function of the entrepreneur?
- Firm dynamics: Are some firms more important than others for generating employment and economic growth? Do new, small, high growth firms or other types of enterprises lead the development?
- Institutional economics: How should the institutions of a country – “the rules of the game” – be designed to create dynamic and competitive firms?