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Creativity and economic growth: theory, measures, and potentials for morocco

Leonard Nakamura

No 15-21, Working Papers from Federal Reserve Bank of Philadelphia

Abstract: The current era of globalization is dominated by the rise of investments in intangible capital rather than tangible capital ? the ascendance of creativity over plant and equipment. This brief paper is motivated by the possibility that emerging market economies such as Morocco might take greater advantage of new tools and policies designed for this new era. To begin, I discuss the transformation of the global economy and the consequences of the transformed global economy for economic thinking and measurement. I refer to both old and new literature on the measurement of intangible investment and capital. Then, I discuss the rising role of creativity and cultural difference in the development of these new economic forces, using the example of the Harry Potter book series. I then consider how cultural enhancement serves multiple purposes for a nation. Finally, I turn to some of the possible implications of these economic forces for Morocco, stressing that these implications are speculative.

Keywords: Intangibles; Emerging market economies; Measurement; Economic development (search for similar items in EconPapers)
JEL-codes: C8 O2 O32 Z11 (search for similar items in EconPapers)
Pages: 12 pages
Date: 2015-04-29
New Economics Papers: this item is included in nep-afr, nep-ara, nep-cul and nep-his
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