The role of Institutions in the Regional Knowledge Economy
DOI:
https://doi.org/10.24917/20801653.22.4Keywords:
institutions, innovativeness, regional economy, theoretical analysisAbstract
The article discusses the significance of institutions in the development of a regional knowledge-based economy. Institutions are active at different arenas grouped into levels of inter-re- lation, scales of governance, and systems. Thus, the understanding the role of institutions requires carefully selected categories that reveal all these arenas. The theoretical analysis focuses on regional development and innovativeness. It indicates problems related to measurement of institutions and establishing the right combination of formal and informal institutions. The paper compares theoretical concepts focused on institutions and systems as the key determinants of regional innovativeness. The results show that they emphasize different elements and mechanisms of innovation processes, and thus a different role of institutions. They seem to play the most important part in regional systems of innovation and innovative clusters.
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