Growing Out of the Crisis: Hidden Assets to Greece's Transition to an Innovation Economy

35 Pages Posted: 14 Sep 2013

See all articles by Benedikt Herrmann

Benedikt Herrmann

University of Nottingham - School of Economics

Alexander Kritikos

Europa-Universitaet Viadrina - Fakultat fur Wirtschaftswissenschaften; German Institute for Economic Research (DIW Berlin); IZA Institute of Labor Economics

Abstract

Greece's currently planned institutional reforms will help to get the country going with limited economic growth. With an economy based primarily on tourism, trade, and agriculture, Greece lacks an established competitive industry and an innovation-friendly environment, resulting in a low export ratio given the small size of the country and its long-time EU-membership. Instead, Greece exports only its nation's talent, with low returns. To become prosperous, the country must better capitalize on its Eurozone membership and add innovative sectors to its economic structure. Given Greece's hidden assets, such as the attractiveness of the country, a small number of strong research centers and an impressive diaspora in research, finance and business, we envision a Greek "Silicon Valley" and propose a ten point policy plan to achieve that goal.

Keywords: innovation, Greece, growth strategy, entrepreneurship, innovation systems, regulatory environment

JEL Classification: L2, L26, O3, O4

Suggested Citation

Herrmann, Benedikt and Kritikos, Alexander S., Growing Out of the Crisis: Hidden Assets to Greece's Transition to an Innovation Economy. IZA Discussion Paper No. 7606, Available at SSRN: https://ssrn.com/abstract=2325864

Benedikt Herrmann (Contact Author)

University of Nottingham - School of Economics ( email )

University Park
Nottingham, NG7 2RD
United Kingdom

Alexander S. Kritikos

Europa-Universitaet Viadrina - Fakultat fur Wirtschaftswissenschaften ( email )

15230 Frankfurt (Oder)
Germany

German Institute for Economic Research (DIW Berlin) ( email )

Mohrenstraße 58
Berlin, 10117
Germany

IZA Institute of Labor Economics

P.O. Box 7240
Bonn, D-53072
Germany

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