Institutional Foundations for Economic Growth
A low-income economy tends to start catching up to advanced economies by adopting available useful knowledge from foreign economies after it conducts a certain form of institutional change. I argue that this institutional change is the one which enforces international interactions mainly by promoting manufacturing exports. It is not necessarily just to open up the economy to international trade. The Northeast Asian economies need to further promote the diffusions of knowledge, but as they further catch up other advanced economies, it will be increasingly important to construct an institution that protects patents, intellectual properties, and other useful ideas, so that research and development activities are encouraged as a fundamental source of economic growth. An international market to trade the knowledge needs to be further developed.
|Date of creation:||2010|
|Date of revision:|
|Publication status:||Published in Collection of Essays on the Issues of Asia 8 (2010): pp. 25-40|
|Contact details of provider:|| Postal: Ludwigstraße 33, D-80539 Munich, Germany|
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- Alwyn Young, 1991. "Learning by Doing and the Dynamic Effects of International Trade," The Quarterly Journal of Economics, Oxford University Press, vol. 106(2), pages 369-405.
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- Robert E. Hall & Charles I. Jones, 1999. "Why do Some Countries Produce So Much More Output Per Worker than Others?," The Quarterly Journal of Economics, Oxford University Press, vol. 114(1), pages 83-116.
- Alwyn Young, 1991. "Learning by Doing and the Dynamic Effects of International Trade," NBER Working Papers 3577, National Bureau of Economic Research, Inc.
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