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By Organization for Economic Cooperation and Development OECD

ISBN-10: 9264176942

ISBN-13: 9789264176942

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 examine exhibits that good fortune calls for now not a few silver bullet, yet a number of complementary elements that help the innovation-intensive development exemplified via new details and communique applied sciences comparable to the net and web purposes like digital trade. Supportive rules comprise these favorable to cutting edge start-ups and to monetary structures in a position to aid them, those who facilitate the reorganisation required to harvest the complete advantages 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 learn.

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Financial markets are often weaker in this area, where investment could become sunk in a specific economic activity (Bebchuk, 1999). Treatment of risk is the major challenge in funding new firms and industries. The profitability of new ventures is uncertain; risky investments may result in high rewards in case of success but large losses in case of failure. As they lack collateral, and as future profits are potentially high but very uncertain, new firms may not be in a position to attract bank loans.

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?

This implies reallocating capital to new firms and new activities at the expense of declining ones. It also often involves changing firm boundaries through mergers, acquisitions and split-ups. Such a system differs from one primarily geared towards the accumulation of physical assets in large, stable firms in well-established industries, which were the basis for much economic growth in the post-war period. The conditions for creative destruction may therefore be better guaranteed in “outsider” systems, where greater transparency and information disclosure and dispersed ownership are accompanied by relatively high flexibility.

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A new economy: the changing role of innovation and information technology in growth by Organization for Economic Cooperation and Development OECD


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