By Organization for Economic Cooperation and Development OECD
What's riding contemporary development in OECD international locations? Why is it that their degrees of GDP in step with capita are not any longer converging? Why is it that a few international locations, working on the technological frontier, the place advances are tricky, seem to be widening the space? This research indicates that luck calls for no longer a few silver bullet, yet more than a few complementary elements that help the innovation-intensive development exemplified by means of new info and conversation applied sciences corresponding to the web and web purposes like digital trade. Supportive regulations contain these favorable to leading edge start-ups and to monetary structures capable of help them, those who facilitate the reorganisation required to harvest the whole advantages of ICT, regulatory and institutional frameworks that facilitate hyperlinks among technology and undefined, and efforts to coach and acquire the required human capital, in addition to public help for uncomplicated clinical study.
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Extra info for A new economy: the changing role of innovation and information technology in growth
ICT has had a major impact on many of them and therefore on the innovation process (see the end of Chapter 2). Technology cycles have shortened As innovation has become more important to business and competition has increased, firms appear to wish to obtain more concrete results from their R&D expenditure and pressures to develop products more rapidly have increased. Surveys for the United States suggest that the average R&D project time in firms fell from 18 months in 1993 to ten months in 1998 (NIST, 1999).
Apart from its role in increasing the stock of fundamental knowledge, publicly funded research provides the skilled graduates that are essential to firms wishing to adopt new technologies, new instruments and methods for industrial research and an increased capacity for scientific and technological problem-solving. Scientific institutions also play a role in the formation of the world’s research and innovation networks, which are increasingly considered crucial to technology diffusion and innovation.
Thus far, its investment in ICT equipment appears to have been more rapid than that of other major OECD regions. In constant (chained 1996) prices, investment in information processing equipment and software as a share of total equipment and software increased from 29% in 1987 to 52% in 1999 (BEA, 2000). Figure 18. Private investment in equipment and software in the United States, 1959-99 Current USD billions 1000 1000 Total equipment and software Information processing equipment and software 900 900 800 800 700 700 600 600 500 500 400 400 300 300 200 200 100 100 0 0 59 19 61 19 63 19 65 19 67 19 69 19 71 19 73 19 Source: US Bureau of Economic Analysis, March 2000.