By Organization for Economic Cooperation and Development OECD
What's riding fresh progress in OECD nations? Why is it that their degrees of GDP in keeping with capita aren't any longer converging? Why is it that a few international locations, working on the technological frontier, the place advances are tricky, seem to be widening the space? This research indicates that good fortune calls for no longer a few silver bullet, yet a number complementary components that aid the innovation-intensive progress exemplified via new info and conversation applied sciences equivalent to the net and web purposes like digital trade. Supportive rules contain these favorable to leading edge start-ups and to monetary structures capable of aid them, those who facilitate the reorganisation required to harvest the complete merits of ICT, regulatory and institutional frameworks that facilitate hyperlinks among technological know-how and undefined, and efforts to coach and acquire the required human capital, in addition to public aid for simple medical study.
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Extra resources for A new economy: the changing role of innovation and information technology in growth
Such efforts cannot possibly address the financial needs of the entire economy and are not an alternative to well-functioning financial markets. In countries with underdeveloped financial markets, large established firms in existing industries have tended to be major players in new industries, as in the case of mobile telephony in Europe and Japan. New firms generally rely on equity capital, which – depending on the maturity of the stock market – may be more readily available. Well-functioning equity markets may be more amenable to risky investment such as R&D than bank-based systems (Carlin and Mayer, 1999).
Owing to the rapid ageing of the OECD 2000 45 NEW ECONOMY 26/06/00 18:40 Page 46 A New Economy? The Changing Role of Innovation and Information Technology in Growth workforce in most OECD countries, some are likely to need to turn again to immigration. While openness to immigration is therefore generally needed, highly skilled personnel, such as good scientists and entrepreneurs, are even more in demand. A country that can attract and retain such people may be at an advantage in an economy where innovation and new firms are necessary to success.
It also allows companies to gain access to new knowledge, innovative concepts, services and ideas, and to new technologies. Foreign direct investment has grown more rapidly than trade over the past decade. It plays a particularly large role in diffusing knowledge and ideas in services sectors, where local presence is often a necessity. OECD 2000 41 NEW ECONOMY 26/06/00 18:40 Page 42 A New Economy? The Changing Role of Innovation and Information Technology in Growth Its relative importance varies markedly across countries.
A new economy: the changing role of innovation and information technology in growth by Organization for Economic Cooperation and Development OECD