... institutes and other232 Innovation and firm strategy 2. A THEORY OF INDUSTRIAL REVOLUTIONS The requirement for a macroeconomic model to 2100 leads us to the con-clusion that there is a need for a ... ResearchPolicy, 29 (4/5), 567 – 86. Hall, B. (19 96) , The private and social returns to research and development’, inB. Smith and C. Barfield (eds), Technology, R&D and the Economy,Washington,DC: ... the advance of the firm relies; – includes not only codified knowledge, but alsotacit knowledge and knowledge embedded in equipment, instruments and the plant. The former refers to knowledge that...