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Innovation and Growth

Chasing a Moving Frontier

image of Innovation and Growth

Innovation is crucial to long-term economic growth, even more so in the aftermath of the financial and economic crisis. In this volume, the OECD and the World Bank jointly take stock of how globalisation is posing new challenges for innovation and growth in both developed and developing countries, and how countries are coping with them. The authors discuss options for policy initiatives that can foster technological innovation in the pursuit of faster and sustainable growth.

 

The various chapters highlight how the emergence of an integrated global market affects the impact of national innovation policy. What seemed like effective innovation strategies (e.g. policies designed to strengthen the R&D capacity of domestic firms) are no longer sufficient for effective catch-up. The more open and global nature of innovation makes innovation policies more difficult to design and implement at the national scale alone. These challenges are further complicated by new phenomena, such as global value chains and the fragmentation of production, the growing role of global corporations, and the ICT revolution. Where and why a global corporation chooses to anchor its production affects the playing field for OECD and developing economies alike.

Selected as a 2009 Notable Document by the American Library Association Government Documents Round Table.

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Priorities for growth in OECD economies

This chapter discusses the main results of work carried out at the OECD to benchmark economic performance and policy in its member countries, in order to make policy recommendations that may improve economic performance. It examines differences in policy recommendations that have been made for countries at various levels of development, characterises the main challenges each group of countries faces, and considers the main distinctions between these countries and five emerging non-members. Product market competition and human capital reforms are found to be especially important priorities in lower-income countries, which face substantial gaps in productivity to the frontier countries.

English

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