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What or rather who contributed to China's economic miracle? A good deal of research on economic growth focuses on spending in research and development (R&D) with its ability to produce technological change. However, this approach fails to account for the exceptional growth shown by China with scant spending on R&D, and for the lack of growth in countries such as Japan with significant R&D expenditure. New research by the author shatters some myths about entrepreneurs, innovation, and the growth of an economy. In the research, the authors distinguish entrepreneurs as research-based (spending on R&D) or imitators (without R&D spending).
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