Academic journal article Seoul Journal of Economics

Perspectives on Innovations and Development

Academic journal article Seoul Journal of Economics

Perspectives on Innovations and Development

Article excerpt

Perspectives on Innovations and Development Singh, Lakhwinder, K. J. Joseph, and Daniel K. N. Johnson (eds.) (2015). Technology, Innovations and Economic Development: Essays in Honour of Robert E. Evenson. New Delhi: Sage Publications.

I. Introduction

In the rapidly changing global scenario, with the emergence of innovations and technological progress, the direction of the economic development of the countries are now being determined by nature of these technological innovations and institutional arrangements. Earlier this direction of the economic development was directed by innovation policies framed by the government keeping in view the objectives of economic development of nations. Now, globalization has brought a substantial change in the nature and scope of interactive learning carried out under various institutional arrangement and as well as in the rules of game. This changing context mostly favors the developed world. The adoption of strong intellectual property rights (IPRs), adherence to fiscal prudence by state government and viability towards the environmental sustainability has created a considerable obstacle for developing economies to further spur their innovations or imitate the developed economies in the process of catch up.

The relationship among the three aspects of innovations, technological progress and economic development has been studied by Classical economists, Schumpeterian Paradigm, Arrovian legacy and endogenous growth theories. Thus, many new issues have arisen overtime because of the changes in the context in which technological progress and innovations are occurring, these issues are efficiently covered in this book. Moreover, this book is a tribute to Robert E. Evenson, who was a leading academic in the areas of innovations and technological progress. Evenson also influenced many scholars worldwide and inspired them for conducting research in this field. The book under review includes nine research contributions that cover extensive theoretical and empirical canvas, viz. the impact of innovations and technological progress on economic development.

The book begins with a formidable introduction from the editors namely Lakhwinder Singh, K. J. Joseph, and Daniel K. N. Johnson. Although, this book is a collaboration of different authors, it is well organized and has good flow, therefore presenting an impressive achievement of the editors. This book comprises three sections. The first section addresses the core issues of innovations and economic development. The second section analyses the effects of technological progress in agriculture. Finally, the third section covers the effect of technology transfer and national innovation systems which are rapidly emerging under the present global scenario of industrial development of developing economies.

II. Innovation and Economic Development

Leonardo A. Lanzona, Jr has studied the core issues of innovations and economic development and assessed the effects of education reforms that were undertaken to comply with various sectoral shifts, which have arisen as an outcome of globalization, on the economic development of developing countries. On the one hand, the success of these education reforms depends on the increasing focus on the expansion of education programs that enhance human capital and productivity, as well as foster technological progress and on the other hand, these reforms must be supplemented by the corresponding demand of the people to acquire substantial skills and education accompanied by the appropriate edu cation, trade, and labor policies that co-occur with technological change and a set of strong institutions. The empirical section established the positive effects of these educational reforms on economic development and highlighted the role of international agencies, particularly the United Nations, to augment these educational reforms, thereby reducing poverty by introducing new processes and innovations. …

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