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This paper outlines an evolutionary theory of adaptive growth based on the twin principles of enterprise and the coordinating role of markets. The central organising idea is that economies never grow without simultaneous development. Growth as conventionally understood is a product of structural change and economic self-transformation, and these processes are closely connected with but not reducible to the growth of knowledge. The dominant theme is enterprise, the variations it generates, and the multiple connections between investment, innovation, demand and structural transformation. We explore the dependence of macroeconomic productivity growth on the diversity of technical progress functions and income elasticities of demand at the industry level, and the resolution of this diversity into patterns of economic change through market processes. We show how industry growth rates are emergent phenomena, constrained by higher order processes of emergence that convert an ensemble of industry growth rates into an aggregate rate of growth. The growth of productivity, output and employment are determined mutually and endogenously, and their values depend on the variation in the primary causal influences in the system.

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PurposeThe purpose of this paper is to explore the nature and impact of higher education institution (HEI) in a distributed, open innovation system using a survey of some 600 firms in the UK.Design/methodology/approachPrimary data are used from a postal questionnaire survey of 600 firms across three UK regions: Wales, the North West and the East of England.FindingsThe analysis reveals significant differences in firm collaboration with HEIs across the UK and the value and impact that such collaborations have on firm development. The nature and effects of such collaboration vary significantly between the type of firm involved and their location and the analysis investigates this in relation to various aspects of innovative activity and firm performance.Originality/valueAlthough much of the nature and effects of such collaboration are as one would expect, some of the results are counter‐intuitive and highlight the care we should place on assessing the role of universities and other HEIs in open innovation systems.

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