| Publisher | Organisation for Economic Co-operation and Development | ||
|---|---|---|---|
| Format | PDF, requires Acrobat Rdr 5 | Date added | 09 Jan 2001 |
| Topics | International Standards | ||
| Downloads | 184 | ||
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 into growth rate differentials. Both tendencies increase the probability of divergence in the world economy. The evolutionary approach to economic growth also suggests that radical innovations are important for economic growth, and especially for changes in trend growth.
The paper also examines the adjustment of the OECD markets for high-technology content goods, in particular ICT hardware, instruments and pharmaceuticals. The analysis shows that some degree of polarisation was occurring in these markets during the 1990s, suggesting divergence in technological competencies as well as divergence in terms of trade performance.
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