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By Organization for Economic Cooperation and Development OECD

What's riding fresh development in OECD nations? Why is it that their degrees of GDP in keeping with 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 examine exhibits that luck calls for no longer a few silver bullet, yet various complementary components that aid the innovation-intensive progress exemplified through new info and conversation applied sciences equivalent to the web and web functions like digital trade. Supportive regulations contain these favorable to cutting edge start-ups and to monetary structures capable of help them, those who facilitate the reorganisation required to harvest the complete merits of ICT, regulatory and institutional frameworks that facilitate hyperlinks among technological know-how and undefined, and efforts to coach and acquire the mandatory human capital, in addition to public aid for uncomplicated medical examine.

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Extra resources for A new economy: the changing role of innovation and information technology in growth

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In the United States, VC experienced a rapid expansion in the early 1980s, when pension funds were allowed to invest part of their assets in risky ventures. A strong acceleration in the second half of the 1990s continued through 1999 (more than 100% growth for the first nine months of 1998). The recent surge in VC investment is fuelled mainly by Internet-related investment, which represented over half of all US venture capital investment in 1999 (OECD, 2000c). Until a few years ago, the VC industry was small in Europe, with the exception of the United Kingdom and the Netherlands, and did not focus on high-technology segments and early-stage funding.

Available data show that the number of alliances has grown rapidly in the 1980s and 1990s, particularly in areas such as information technology and biotechnology (Figure 13),11 and that these have taken place both between major regions, such as the United States, Europe and Japan, and within them (NSF, 1998a). 12 First, the cost of major innovations, such as a new generation of semiconductors or aircraft, has risen rapidly and is now beyond the means of any single firm. Second, co-operation may enable the development of de facto technological standards.

Share of Silicon Valley start-ups by ethnic origin (%) 25 25 Indian Chinese 20 20 15 15 10 10 5 5 0 0 1980-84 46 1985-89 1990-94 1995-98 Source: Saxenian (1999). OECD 2000 NEW ECONOMY 26/06/00 18:40 Page 47 The Changing Role of Innovation in Growth Performance inflow of scientists and engineers numbered 55 000, of which 27 000 were engineers and 16 000 computer professionals. The net inflow is equivalent to the graduate output of engineers and scientists of five to six Australian universities over the period.

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