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Growth & Innovation Policies For a Knowledge Economy. Experiences From Finland, Sweden & Singapore

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Author Info

  • Blomström, Magnus

    ()
    (European Institute of Japanese Studies)

  • Kokko, Ari

    ()
    (European Institute of Japanese Studies)

  • Sjöholm, Fredrik

    ()
    (European Institute of Japanese Studies)

Abstract

Technical progress is at the heart of economic growth and development. New or improved technology can be achieved through own research and innovations or through the absorption and adaptation of foreign technologies. To facilitate such technical progress requires a complex system of supporting institutions and good economic policies. This paper analyzes technical progress and innovation policies in three small open economies: Finland, Sweden and Singapore. All three economies have transformed from depending on raw material intensive or labor-intensive production to highly competitive economies with a relatively high degree of technological knowledge. We find some common determinants to the transformation, such as large investments in physical and human capital and the importance of political or economic crises in forcing through good economic policies, but there are also many country specific aspects that have been crucial in the different countries.

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Bibliographic Info

Paper provided by The European Institute of Japanese Studies in its series EIJS Working Paper Series with number 156.

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Length: 53 pages
Date of creation: 01 Oct 2002
Date of revision:
Handle: RePEc:hhs:eijswp:0156

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Keywords: Economic Growth; Innovation; Economic Policies; Technology;

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References

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  1. Susan M. Collins & Barry P. Bosworth, 1996. "Economic Growth in East Asia: Accumulation versus Assimilation," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 27(2), pages 135-204.
  2. Steven J. Davis & Magnus Henrekson, 1995. "Industrial Policy, Employer Size, and Economic Performance in Sweden," NBER Working Papers 5237, National Bureau of Economic Research, Inc.
  3. Baumol, William J, 1990. "Entrepreneurship: Productive, Unproductive, and Destructive," Journal of Political Economy, University of Chicago Press, vol. 98(5), pages 893-921, October.
  4. Kim Jong-Il & Lau Lawrence J., 1994. "The Sources of Economic Growth of the East Asian Newly Industrialized Countries," Journal of the Japanese and International Economies, Elsevier, vol. 8(3), pages 235-271, September.
  5. Irwin, Douglas A & Klenow, Peter J, 1994. "Learning-by-Doing Spillovers in the Semiconductor Industry," Journal of Political Economy, University of Chicago Press, vol. 102(6), pages 1200-1227, December.
  6. Nelson, Richard R. & Pack, Howard, 1998. "The Asian miracle and modern growth theory," Policy Research Working Paper Series 1881, The World Bank.
  7. Magnus Blomstrom & Robert E. Lipsey & Lennart Ohlsson, 1989. "What Do Rich Countries Trade with Each Other? R&D and the Composition of U.S. and Swedish Trade," NBER Working Papers 3140, National Bureau of Economic Research, Inc.
  8. Young, Alwyn, 1995. "The Tyranny of Numbers: Confronting the Statistical Realities of the East Asian Growth Experience," The Quarterly Journal of Economics, MIT Press, vol. 110(3), pages 641-80, August.
  9. Ali-Yrkkö, Jyrki & Hyytinen, Ari & Liukkonen, Johanna, 2001. "Exiting Venture Capital Investments: Lessons from Finland," Discussion Papers 781, The Research Institute of the Finnish Economy.
  10. Alwyn Young, 1992. "A Tale of Two Cities: Factor Accumulation and Technical Change in Hong Kong and Singapore," NBER Chapters, in: NBER Macroeconomics Annual 1992, Volume 7, pages 13-64 National Bureau of Economic Research, Inc.
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Cited by:
  1. Andrés Rodríguez-Clare, 2005. "Fallas de coordinación, conglomerados e intervenciones microeconómicas," Research Department Publications 4432, Inter-American Development Bank, Research Department.
  2. Andrés Rodríguez-Clare, 2005. "Coordination Failures, Clusters and Microeconomic Interventions," Research Department Publications 4431, Inter-American Development Bank, Research Department.
  3. Nicholas Sim, 2004. "International production sharing and economic development: moving up the value-chain for a small-open economy," Applied Economics Letters, Taylor & Francis Journals, vol. 11(14), pages 885-889.

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  1. Socio-Economics of Innovation

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