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Modern macroeconomics suffers from an unclear link between short-term Keynesian analysis and long-term growth modelling. Moreover, product and process innovations have been only partially integrated. The analysis suggests new approaches to innovations in open economies in many ways, including the Schumpeterian Mundell-Fleming model and new monetary growth models. A specific focus is on the role of innovations for output, employment and exchange rate developments. This book presents a new link between monetary analysis and growth modelling in open economies. Structural change, innovations and growth are considered from a new perspective. With respect to economic policy - in particular innovation policy - the analysis implies major changes, concerning both EU countries and other leading OECD economies. This important new book sets a new direction for macroeconomics. By linking several strands of fundamental economic thinking into a coherent, integrated framework it provides a pathbreaking understanding into the fundamental forces shaping macroeconomic performance. In particular, by injecting insights from the Schumpeterian model, the author succeeds in presenting a new policy framework to guide economic growth policy. Prof. Dr. David Audretsch, Institute of Development Strategies, Indiana University, Bloomington, USA.

Macroeconomics. --- Monetary policy. --- Technological innovations --- Economic aspects. --- Economics --- Monetary management --- Economic policy --- Currency boards --- Money supply --- Economic policy. --- Macroeconomics/Monetary Economics//Financial Economics. --- Economic Policy. --- R & D/Technology Policy. --- Economic nationalism --- Economic planning --- National planning --- State planning --- Planning --- National security --- Social policy --- Macroeconomics --- Monetary policy --- 330.00 --- 338.6 --- 338.8 --- AA / International- internationaal --- Economic aspects --- Economische en sociale theorieën: algemeenheden --- Wetenschappelijk onderzoek en ontwikkeling --- Economische groei

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Information & communication technology (ICT) and the automotive sector are two of the most important industries in the EU and the US. The EU’s eastern expansion and economic globalization have reinforced competition on the one hand; on the other hand the importance of outsourcing and off-shoring has increased. Against this background the intensification of innovation dynamics becomes crucial – and with them the role of regional innovation clusters. The analysis examines seven regions and six EU countries. The focus is on cluster and network dynamics in both industries, as regional ICT clusters are playing an increasingly central role in many European regions. Specialization and structural change in the automotive sector are highlighted, and new strategic approaches for multinational companies and changes in policy options are identified.

Occupations -- Forecasting. --- Occupations. --- Vocational guidance. --- Automobile industry and trade --- Business & Economics --- Economic History --- Economic Theory --- Industries --- Information technology. --- Automotive industry --- Political science. --- Industrial organization. --- European Economic Community literature. --- Economic policy. --- Regional economics. --- Spatial economics. --- Economics. --- Economic Policy. --- Industrial Organization. --- R & D/Technology Policy. --- Regional/Spatial Science. --- European Integration. --- Political Science. --- Motor vehicle industry --- European Economic Community lite. --- Economics --- Regional planning --- Regionalism --- Space in economics --- Organization --- Industrial concentration --- Industrial management --- Industrial sociology --- Economic nationalism --- Economic planning --- National planning --- State planning --- Planning --- National security --- Social policy --- Administration --- Civil government --- Commonwealth, The --- Government --- Political theory --- Political thought --- Politics --- Science, Political --- Social sciences --- State, The --- Spatial economics --- Regional economics

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Economic globalisation is a long-term international process in which the roles of the EU, ASEAN, Korea, Japan and China are of increasing importance. Trade dynamics and foreign investment, as well as regional policy cooperation in Europe and Asia, are discussed here along with historical developments. Moreover, the book highlights links between European Community law and WTO regulations. The key challenges posed by China's economic expansion are part of the analysis; specific issues concern international outsourcing and off-shoring as well as regional economic integration in a period of financial globalisation. Based on historical dynamics, theoretical analysis and global shifts, policy solutions for Europe, Asia and the world economy can be arrived at: The book offers clear policy options and also reveals crucial issues in terms of the welfare analysis of regional integration.

International economic relations. --- Regional economics. --- International economic integration --- Globalization --- International Commerce --- Commerce --- Business & Economics --- Economic aspects --- International economic integration. --- Economic aspects. --- European Union countries --- Asia --- Southeast Asia --- Foreign economic relations --- Economic policy. --- Common markets --- Economic integration, International --- Economic union --- Integration, International economic --- Markets, Common --- Union, Economic --- Asia, Southeast --- Asia, Southeastern --- South East Asia --- Southeastern Asia --- EU countries --- Euroland --- Asian and Pacific Council countries --- International economics. --- European Economic Community literature. --- Spatial economics. --- Economics. --- International Economics. --- Regional/Spatial Science. --- Economic Policy. --- European Integration. --- Europe --- Eastern Hemisphere --- Eurasia --- International economic relations --- European Economic Community lite. --- Economic nationalism --- Economic planning --- National planning --- State planning --- Economics --- Planning --- National security --- Social policy --- Regional planning --- Regionalism --- Space in economics --- Economic policy, Foreign --- Economic relations, Foreign --- Economics, International --- Foreign economic policy --- Interdependence of nations --- International economic policy --- International economics --- New international economic order --- Economic policy --- International relations --- Economic sanctions --- Spatial economics --- Regional economics

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This book takes a new look at the golden age in neoclassical growth theory and explores in detail sustainability and optimum growth in China, the US and Europe. Innovation, foreign direct investment, trade and growth dynamics are key elements in modern economies – including perspectives on green growth and aspects of the knowledge production function in the context of multinational companies. As such the book considers the role of foreign direct investment in a modified growth model and discusses innovation in an enhanced Mundell-Fleming macro model. Moreover, for the first time it directly links a knowledge production function to the macro production function in a broader context, including real money balances in the production function. It shows – also with empirical relevance – that FDI inward stocks relative to the GDP of host countries, the number of researchers and per capita income are relevant drivers of new knowledge and the stock of knowledge, respectively. This new Schumpeterian theoretical approach lends itself to important policy conclusions for both OECD members and newly industrialized countries.

Evolutionary economics. --- Macroeconomics. --- International economics. --- Economic policy. --- Economic growth. --- Asia --- Economics. --- Macroeconomics/Monetary Economics//Financial Economics. --- Economic Growth. --- Institutional/Evolutionary Economics. --- R & D/Technology Policy. --- International Economics. --- Asian Economics. --- Economic conditions. --- International economic relations. --- Economic policy, Foreign --- Economic relations, Foreign --- Economics, International --- Foreign economic policy --- Foreign economic relations --- Interdependence of nations --- International economic policy --- International economics --- New international economic order --- Economics --- Economic policy --- International relations --- Economic sanctions --- Asia-Economic conditions. --- Economic nationalism --- Economic planning --- National planning --- State planning --- Planning --- National security --- Social policy --- Development, Economic --- Economic growth --- Growth, Economic --- Statics and dynamics (Social sciences) --- Development economics --- Resource curse --- Asia—Economic conditions.

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"This book is able to explain and analyze what has eluded both scholars and thought leaders in business and the media - how and why populism has grabbed center stage. Highly recommendable." -David B. Audretsch, Indiana University Bloomington, USA "Welfens provides valuable insight into US politics and describes the strategic options for Europe going forward." -Barry Eichengreen, University of California, Berkeley, USA "With great skill Welfens traces the implications of US populism for the global economic system." - Jeffrey D. Sachs, Columbia University, USA "This critique of Trump´s fiscal and international trade policies and their weak intellectual basis deserves the attention of US and European readers alike" -Richard H. Tilly, University of Münster, Germany What lies behind the Trump victory of 2016 and the US' new raft of economic policies? Is a populist presidency in the United States likely to be a temporary phenomenon or a structural long-term challenge? In an era of declining multilateralism, what can the US still stand to learn from Europe, where several countries have effective lifetime economic welfare equal to that of the US - and what can the EU learn from the US in return? Furthermore, what international economic dynamics can be expected from the Sino-US trade conflict and can globalization be maintained? In this timely volume, Paul Welfens provides a rare, clear-sighted and scholarly analysis of the global problems created by Trump's protectionism and economic policy. He leverages his understanding of these problems to make concrete policy suggestions that could help prevent the world economy from falling back into a variant of the Great Powers regime of the late nineteenth century.

Populism --- Economics. --- Political economy. --- Public finance. --- International economics. --- Macroeconomics. --- Political Economy/Economic Systems. --- International Political Economy. --- Public Economics. --- International Economics. --- Macroeconomics/Monetary Economics//Financial Economics. --- Economics --- Economic policy, Foreign --- Economic relations, Foreign --- Economics, International --- Foreign economic policy --- Foreign economic relations --- Interdependence of nations --- International economic policy --- International economics --- New international economic order --- Economic policy --- International relations --- Economic sanctions --- Cameralistics --- Public finance --- Currency question --- Economic theory --- Political economy --- Social sciences --- Economic man --- Public finances --- Economic policy. --- Economic nationalism --- Economic planning --- National planning --- State planning --- Planning --- National security --- Social policy --- International economic relations. --- Populism. --- Trump, Donald, --- United States