Less Developed Country Innovation Analysis and the Technology Gap

John Fei and Gustav Ranis
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John Fei: Yale University
Gustav Ranis: Yale University

Chapter 13 in The Gap Between Rich and Poor Nations, 1972, pp 312-335 from Palgrave Macmillan

Abstract: Abstract Increases in material welfare, i.e. economic progress leading to increases in per capita consumption, can be achieved in the long run as the consequence of many factors, including capital accumulation, improvements in the quantity of human resources and technological change. However both economists with a theoretical and those with an empirical and historical bent [1] have increasingly come to the conclusion that, in the long run, technological change is the most crucial — as well as the most difficult to get hold of. On the one hand, the theoretical economists have reminded us of the inevitability of stagnation in per capita income if capital accumulation alone is at work [2]. On the other hand, those with an historical interest have identified modern growth, as the Western world has experienced it over the past 200 years, as an epoch characterised by the routinisation of innovations.

Keywords: Capital Stock; Real Wage; Capital Accumulation; Demand Curve; International Flow (search for similar items in EconPapers)
Date: 1972
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DOI: 10.1007/978-1-349-15456-2_13

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