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|
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- Robert E. Hall & Charles I. Jones, 1999. "Why Do Some Countries Produce So Much More Output per Worker than Others?," NBER Working Papers 6564, National Bureau of Economic Research, Inc.
- Francisco Alcalá & Antonio Ciccone, 2003.
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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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