Technical Change and Economic Development: A Doctrinal-Historical Viewpoint

Hoon Hong
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Hoon Hong: school of Economics, Yonsei University

No 2012rwp-50, Working papers from Yonsei University, Yonsei Economics Research Institute

Abstract: This paper aims to lay the groundwork for a Korean model of technical change. For this purpose, it reviews theories of technical change with primary emphasis on its impact on economic development from the perspective of the history of economic thought. First, it examines neoclassical theory of technical change and endogenous growth theory, and points out their demerits. After giving a brief outline of Marx and List, it focuses on evolutionary economics including Schumpeter's and Nelson's. In particular, Nelson's emphasis on tacit knowledge is noted. Moreover, it highlights Nonaka's theory of knowledge management as the most realistic approach towards technical innovation. His reliance on social relations and teamwork deserves close attention. Against this background, characteristics of Korean socioeconomic system such as dependence on social relations and group orientation are mentioned to be considered in researches on technical change of Korea.

Keywords: technical change; economic development; innovation; evolution; tacit knowledge; social relations; group orientation (search for similar items in EconPapers)
Pages: 23 pages
Date: 2012-10-03
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