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Innovations and Economic Growth in a Fast Changing Global Economy: Comparative Experience of Asian Countries

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  • Singh, Lakhwinder

Abstract

Innovations spur growth and economic transformation is widely acclaimed in economic growth literature. The transition in the national innovation system is the fundamental determinant of long-run economic growth and development. This is being reflected through the changes which are occurring in the economic structure of an economy as well as in the structure of the innovation system. Since the national economies are growing in the interdependent world, therefore national innovation system is continuously being influenced by the changes occurring in other parts of the world. Transformation of East Asian countries from imitation to reaching the frontier areas of innovations in a short span of time is a question that has been explored in this paper. Asian continent has emerged as the hub of innovative activities in the fast pace of globalization. Within Asian continent, there are wide differentials in the stage of economic development and transformation as well as in the national innovation systems. Two distinct patterns of economic transformation and systems of innovations which has evolved over time are-one, based on building strong industrial sector as an engine of innovations and growth; two, the engine of growth is the service sector and innovation system is heavily dependent on foreign capital. Recently, while recognizing the innovative capacity of some of the Asian countries, foreign R&D has devastated the boundaries of the Asian innovation system. Domestic agents of production have realized that there lies a dire need for the support of the state when innovations are being done on the frontiers of knowledge. Situational assessment surveys have also supported the view that Asian countries are fast approaching towards the frontiers of knowledge and innovations. Asian countries, themselves are competing to fast approach towards frontiers of knowledge and innovations so that newer areas of commercial activities can be explored and exploited in the global market. This paper while learning from East Asian innovation policies has also explored the role of national and international agencies in strengthening the national innovation systems of the less developed countries in the fast changing global economy.

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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 80.

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Date of creation: 03 Oct 2006
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Handle: RePEc:pra:mprapa:80

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Keywords: Technology policy; technological indicators; national innovation system; structural transformation; innovation institutions; economic growth; Asia;

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References

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  1. Fagerberg, Jan & Verspagen, Bart, 2002. "Technology-gaps, innovation-diffusion and transformation: an evolutionary interpretation," Research Policy, Elsevier, vol. 31(8-9), pages 1291-1304, December.
  2. Shahid Yusuf, 2003. "Innovative East Asia : The Future of Growth," World Bank Publications, The World Bank, number 15158.
  3. Florence Jaumotte & Nigel Pain, 2005. "An Overview of Public Policies to Support Innovation," OECD Economics Department Working Papers 456, OECD Publishing.
  4. World Bank, 2006. "World Development Indicators 2006," World Bank Publications, The World Bank, number 8151.
  5. Singh, Lakhwinder, 2006. "Innovations, High-Tech Trade and Industrial Development: Theory, Evidence and Policy," Working Paper Series RP2006/27, World Institute for Development Economic Research (UNU-WIDER).
  6. Soete, Luc, 2006. "A Knowledge Economy Paradigm and its Consequences," MERIT Working Papers 001, United Nations University - Maastricht Economic and Social Research Institute on Innovation and Technology (MERIT).
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