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Institutional Foundations for Economic Growth

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  • Choi, Seung Mo

Abstract

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.

Suggested Citation

  • Choi, Seung Mo, 2010. "Institutional Foundations for Economic Growth," MPRA Paper 42633, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:42633
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    References listed on IDEAS

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    More about this item

    Keywords

    Institution; Growth; International trade;
    All these keywords.

    JEL classification:

    • O1 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development
    • O2 - Economic Development, Innovation, Technological Change, and Growth - - Development Planning and Policy
    • O4 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity

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