Institutional Foundations for Economic Growth
Seung Mo Choi ()
MPRA Paper from University Library of Munich, Germany
A low-income economy tends to start catching up to advanced economies by adopting available useful knowledge from foreign economies after it conducts a certain form of institutional change. I argue that this institutional change is the one which enforces international interactions mainly by promoting manufacturing exports. It is not necessarily just to open up the economy to international trade. The Northeast Asian economies need to further promote the diffusions of knowledge, but as they further catch up other advanced economies, it will be increasingly important to construct an institution that protects patents, intellectual properties, and other useful ideas, so that research and development activities are encouraged as a fundamental source of economic growth. An international market to trade the knowledge needs to be further developed.
Keywords: Institution; Growth; International trade (search for similar items in EconPapers)
JEL-codes: O1 O2 O4 (search for similar items in EconPapers)
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Published in Collection of Essays on the Issues of Asia 8 (2010): pp. 25-40
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Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:42633
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