By Organization for Economic Cooperation and Development OECD
What's riding fresh progress in OECD international locations? Why is it that their degrees of GDP consistent with capita aren't any longer converging? Why is it that a few nations, working on the technological frontier, the place advances are tricky, seem to be widening the distance? This examine indicates that good fortune calls for now not a few silver bullet, yet a number of complementary elements that aid the innovation-intensive development exemplified via new details and communique applied sciences comparable to the net and net purposes like digital trade. Supportive regulations comprise these favorable to cutting edge start-ups and to monetary platforms in a position to help them, those who facilitate the reorganisation required to harvest the entire merits of ICT, regulatory and institutional frameworks that facilitate hyperlinks among technology and undefined, and efforts to coach and acquire the mandatory human capital, in addition to public aid for uncomplicated clinical learn.
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Extra info for A new economy: the changing role of innovation and information technology in growth
Concentrated ownership, as in Germany and Japan, tends to ensure more effective monitoring of management and may help to overcome agency problems between firms’ owners and managers. Stable firms that are protected from take-overs may also have advantages. In mature industries, technological change is often more incremental, uncertainty is lower and learning is often linked to the accumulation of tacit knowledge over time. Bank-based systems may OECD 2000 33 NEW ECONOMY 26/06/00 18:40 Page 34 A New Economy?
In combination, these patterns point to greater interaction within the economy and to the growing importance of collaboration. Not all countries have been equally successful in adapting to the need for greater openness and collaboration, however, and this may help explain differences in innovation patterns and growth performance. Networks and alliances between firms are growing rapidly Empirical studies suggest that collaboration is an important factor in the discovery, application and diffusion of technologies (NIST, 1998; Brouwer and Kleinknecht, 1999; OECD, 1999b).
ICT is a key technology for speeding up the innovation process and reducing cycle times, resulting in a closer link between business strategies and performance. For instance, computer simulations of molecular dynamics are proving extremely important in biochemistry and directly affecting drug development. Many prospective drugs can now be identified and if necessary rejected using computer simulations rather than time-consuming testing (OECD, 1998c). - ICT has fostered greater networking in the economy, as it has facilitated outsourcing and co-operation beyond the firm.