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Technological based growth in developed countries – a quantitative assessment

Author

Listed:
  • Simona Moagăr Poladian
  • George Cornel Dumitrescu
  • Andreea Drăgoi

Abstract

Along the history, great economic powers have based their superiority not only on the size of their territory, population but also on education, innovation, knowledge, science and technology. From the Macedonian phalanx to the modern military drones, and from the invention of the wheel to space travels, the world economy has always been shaped by daring nations who had the technological superiority and the leaders to promote or impose their economic models to the world. Presently, in the very competitive economic environment, technology and science have become more than ever fundamental drivers of the economic growth. The rate of technological change highlights more the “human touch of these factors†namely: knowledge, skills, talents, abilities, courage, intelligence, experiences, wisdom and health, attributes that make the difference in the modern world, and create the framework for scientific and technological superiority of the developed countries. In view of all this, our research aims to assess the role of technological advance as driver of economic growth in the main developed countries, insisting on four emblematic countries: the United States, Japan, South Korea and Germany. Utilizing both national and international statistics (OECD, World Bank etc.), our methodological approach is based on some relevant indicators such as:, GDP, high-tech sector contribution in the GDP, national expenditures on: education, RDI; quality of higher education, registered inventions and patents, Nobel prize winners, brains attraction and the world trade share in the field of high-tech products. Using the scoring method for ranking the place of analyzed countries in top ten developed economies within the OECD statistics, our 17 paper aims at establishing the role of scientific and technological development in stimulating economic growth. We will also highlight the role of national strategies for increasing knowledge-based economic development in general and high-tech sector development, in particular, in the analyzed countries.

Suggested Citation

  • Simona Moagăr Poladian & George Cornel Dumitrescu & Andreea Drăgoi, 2015. "Technological based growth in developed countries – a quantitative assessment," National Strategies Observer (NOS), Institute for World Economy, Romanian Academy, vol. 2.
    • Handle: RePEc:iem:nosiem:v:2:y:2015:id:2822000009393011
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    References listed on IDEAS

    as
    1. Sandra E. Black & Lisa M. Lynch, 2004. "What's driving the new economy?: the benefits of workplace innovation," Economic Journal, Royal Economic Society, vol. 114(493), pages 97-116, February.
    2. Mizuno, Junko, 2013. "An export strategy and technology networks in the Republic of Korea," IDE Discussion Papers 397, Institute of Developing Economies, Japan External Trade Organization(JETRO).
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    Cited by:

    1. Dorina Clichici & Simona Moagăr-Poladian & Andreea-Emanuela Drăgoi, 2017. "The Tech-Based Economic Development and the Future of Jobs," Global Economic Observer, "Nicolae Titulescu" University of Bucharest, Faculty of Economic Sciences;Institute for World Economy of the Romanian Academy, vol. 5(1), June.

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    More about this item

    Keywords

    Knowledge-Based Economy; High-Tech; RDI;
    All these keywords.

    JEL classification:

    • F - International Economics
    • O - Economic Development, Innovation, Technological Change, and Growth
    • O33 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Technological Change: Choices and Consequences; Diffusion Processes
    • O38 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Government Policy

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