'All would agree that with more than 3,000 new firms formed in Europe, Japan and the United States focused on biotechnology, and with elegant strides forward in our understanding of genetics, the genome, proteomics and other related fields, a true intellectual, social and industrial revolution is in the making. Maureen McKelvey et al provide fascinating data on firm formation, case studies of emerging business models and cross-regional and national comparisons. The work is a useful beginning in our understanding of an emerging phenomenon.'- James M. Utterback, Massachusetts Institute of Technology, US'This book is a highly ambitious work, the joint product of 25 co-authors. It represents an attempt to examine modern biotechnology as an economic process and, in so doing, it draws heavily - and successfully - upon the conceptual framework of evolutionary economics and the literature on industrial management. The empirical focus is on the present-day European scene, and it is a great virtue of the book that it unpacks and illuminates the diversity that characterizes that scene today. The wide coverage, along with the differing perspectives of individual authors, provides the reader with an invaluable platform for future research upon an industry that seems clearly destined to serve as an engine of economic growth in the new century.'- Nathan Rosenberg, Stanford University, USThis book offers a novel insight into the economic dynamics of modern biotechnology, using examples from Europe to reflect global trends. The authors apply theoretical insight to a fundamental enigma of the modern learning society, namely, how and why the development of knowledge and ideas interact with market processes and the formation of industries and firms. This book offers new empirical evidence to address such questions by studying the diversity of biotechnology in Europe. By analysing the way in which the development of new knowledge and information is linked with economic transformation, the authors are able to provide a rich theoretical understanding of the economic dynamics of knowledge within the biotechnology sector. They clearly show how innovation opportunities are affected not just by the market, but by scientific developments, networks, institutions and government policy. They also raise important theoretical questions about how and why new industries, networks and organizations are shaped, and highlight the development and impacts of biotechnology on many existing sectors, including pharmaceuticals, agriculture and insurance. The final chapter summarizes the theoretical challenges which have been overcome and identifies future areas for research.The Economic Dynamics of Modern Biotechnology will become essential reading for students, scholars and researchers of the management and economics of innovation, business strategy, industrial organization, the theory of the firm, the economics of technological change, and regional studies. It will also appeal to a wider political and business audience such as government policymakers and managers of biotechnology firms.