By Organization for Economic Cooperation and Development OECD

ISBN-10: 9264176942

ISBN-13: 9789264176942

What's using fresh development in OECD international locations? Why is it that their degrees of GDP according to capita aren't any longer converging? Why is it that a few international locations, working on the technological frontier, the place advances are tough, seem to be widening the distance? This learn indicates that luck calls for no longer a few silver bullet, yet more than a few complementary elements that help the innovation-intensive progress exemplified through new info and conversation applied sciences corresponding to the net and net purposes like digital trade. Supportive rules contain these favorable to cutting edge start-ups and to monetary structures capable of aid them, those who facilitate the reorganisation required to harvest the entire merits of ICT, regulatory and institutional frameworks that facilitate hyperlinks among technology and undefined, and efforts to coach and acquire the mandatory human capital, in addition to public aid for uncomplicated clinical study.

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Insider systems also have some advantages, however. Concentrated ownership, as in Germany and Japan, tends to ensure more effective monitoring of management and may help to overcome agency problems between firms’ owners and managers. Stable firms that are protected from take-overs may also have advantages. In mature industries, technological change is often more incremental, uncertainty is lower and learning is often linked to the accumulation of tacit knowledge over time. Bank-based systems may OECD 2000 33 NEW ECONOMY 26/06/00 18:40 Page 34 A New Economy?

Over the past 25 years, almost 3 000 US companies financed by venture capital have gone public. In 1999, 271 venture-backed companies went public in the United States, accounting for half of all initial public offerings (IPOs) (Thomson Financial Securities Data, 2000). When exploring the experience of 20 US industries over a 30-year period, Kortum and Lerner (1998b) found that VC-supported firms accounted for less than 3% of R&D investment, but for 15% of patenting in the 1990s. In addition, patents from VC-supported firms are more often cited and more aggressively litigated than other patents, an indication of their higher technological and economic value.

Fourth, several indicators reflect the increasing impact of innovation and technological change on recent growth performance. Empirical studies suggest that firms’ stock market valuations are closely linked OECD 2000 31 NEW ECONOMY 26/06/00 18:40 Page 32 A New Economy? , 1999. , 2000). Scientific activity, as a key source of basic knowledge for innovation, continues to increase across the OECD area and has a growing and more direct impact on innovation (see below). In addition, technology flows play an increasing role in the balance of payments of OECD countries, and a growing share of exports originates from medium- to high-technology industries (OECD, 1999a).

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A new economy: the changing role of innovation and information technology in growth by Organization for Economic Cooperation and Development OECD


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