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Technical Change and Economic Development: A Doctrinal-Historical Viewpoint

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  • Hoon Hong

    (school of Economics, Yonsei University)

Abstract

This paper aims to lay the groundwork for a Korean model of technical change. For this purpose, it reviews theories of technical change with primary emphasis on its impact on economic development from the perspective of the history of economic thought. First, it examines neoclassical theory of technical change and endogenous growth theory, and points out their demerits. After giving a brief outline of Marx and List, it focuses on evolutionary economics including Schumpeter's and Nelson's. In particular, Nelson's emphasis on tacit knowledge is noted. Moreover, it highlights Nonaka's theory of knowledge management as the most realistic approach towards technical innovation. His reliance on social relations and teamwork deserves close attention. Against this background, characteristics of Korean socioeconomic system such as dependence on social relations and group orientation are mentioned to be considered in researches on technical change of Korea.

Suggested Citation

  • Hoon Hong, 2012. "Technical Change and Economic Development: A Doctrinal-Historical Viewpoint," Working papers 2012rwp-50, Yonsei University, Yonsei Economics Research Institute.
    • Handle: RePEc:yon:wpaper:2012rwp-50
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