Economic growth, innovation systems, and institutional change: A Trilogy in Five Parts

Parto, Saeed, Ciarli, Tommaso and Arora, Saurabh (2005). Economic growth, innovation systems, and institutional change: A Trilogy in Five Parts. UNU-MERIT Research Memoranda. UNU-MERIT.

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    Author Parto, Saeed
    Ciarli, Tommaso
    Arora, Saurabh
    Title Economic growth, innovation systems, and institutional change: A Trilogy in Five Parts
    Series Title UNU-MERIT Research Memoranda
    Volume/Issue No. 21
    Publication Date 2005
    Place of Publication Maastricht
    Publisher UNU-MERIT
    Pages 35
    Language eng
    Abstract Development and growth are products of the interplay and interaction among heterogeneous actors operating in specific institutional settings. There is a much alluded-to, but under-investigated, link between economic growth, innovation systems, and institutions. There is widespread agreement among most economists on the positive reinforcing link between innovation and growth. However, the importance of institutions as catalysts in this link has not been adequately examined. The concept of innovation systems has the potential to fill this gap. But these studies have not conducted in-depth institutional analyses or focussed on institutional transformation processes, thereby failing to link growth theory to the substantive institutional tradition in economics. In this paper we draw attention to the main shortcomings of orthodox and heterodox growth theories, some of which have been addressed by the more descriptive literature on innovation systems. Critical overviews of the literatures on growth and innovation systems are used as a foundation to propose a new perspective on the role of institutions and a framework for conducting institutional analysis using a multi-dimensional typology of institutions. The framework is then applied to cases of Taiwan and South Korea to highlight the instrumental role played by institutions in facilitating and curtailing economic development and growth.
    Copyright Holder UNU-MERIT
    Copyright Year 2005
    Copyright type All rights reserved
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    Created: Fri, 13 Dec 2013, 12:39:00 JST