Economic Growth and Technological Change: An Evolutionary Interpretation

This paper provides a perspective from evolutionary economic theory on recent growth differences in the OECD area. The empirical analysis contained in the paper offers a number of findings. First, the United States seems to be diverging from the other OECD countries, while the latter are still, by a... Ausführliche Beschreibung

1. Person: Verspagen, Bart
Format: E-Buch
Sprache: English
Veröffentlicht: Paris OECD Publishing 2001
Beschreibung: 31 p. 21 x 29.7cm
Serien: OECD Science, Technology and Industry Working Papers
Schlagworte: Science and Technology
Online Zugang: Volltext
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Zusammenfassung: This paper provides a perspective from evolutionary economic theory on recent growth differences in the OECD area. The empirical analysis contained in the paper offers a number of findings. First, the United States seems to be diverging from the other OECD countries, while the latter are still, by and large, converging to the OECD average. Second, the estimated model of evolutionary growth suggests that convergence based on the assimilation of foreign technology is becoming a more active process. R&D now seems to be crucial for catching-up and is no longer an activity that is unequivocally associated with moving the world technological frontier. Third, differences between countries in terms of pure technological competencies, i.e. patenting, have become more important in explaining growth differentials. These trends suggest that the absorption of foreign technology requires more active efforts, and that technological differences between countries translate more easily ..

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