The Application of Knowledge Stylised Facts in West Africa Economic and Monetary Union (WAEMU)

Sub-Saharan Africa has one of the dynamic economies in the world. Unfortunately, the performance achieve has not led to a reduction of social issues. So, the government are making massive investment to overcome social issues. This massive public investment highlights the exogenous nature of the current economic growth. So, a change of the strategy in the economic management of sub-Saharan Africa is required. One solution remains the change of economic paradigm: the transition from exogenous economic with decreased return to endogenous economic with increased return. The theoretical explanation of such arguments are supported by New Growth Theory. However, the implementation of the new theory required compliance to a set of indicators known as stylized facts. In 2009, Romer and Jones have developed a list of stylized corresponding to the need of New Growth Theory. The stylized facts of the West African Economic and Monetary Union have been compared to the standard facts of Romer and Jones in order to apply the recommendations of New Growth Theory in this area. To reach that aim, the stylized facts have been described and analysed with econometric panel model. As result, we find that the description of the stylized facts in WAEMU fitted perfectly with that of Romer and Jones for the same period. Unfortunately, when using data, institution don’t work as expected by Romer and Jones (2010). This study strengthens the argument for the implementation of economic policy based on the valorisation of knowledge economic in WAEMU.

Book Review- Endogenous Innovation The Economics of an Emergent System Property

Being an expert with claim of being specialized in Economic Competitiveness and Innovation Indexes, I felt ashamed of my huge ignorance in endogenous growth theory and its impact on innovation. Therefore, this review holds a good intention for exploring the essence and the unique characters of the endogenous economic growth which focus on the investment in human capital, innovation, and knowledge-based economy which will lead to economic development. The endogenous innovation was tackled in this work of Antonelli (2017) to show the innovation in the creative reactions and as emergent property of the system. The author tried to illustrate the early relation between the early economics of knowledge and economics of growth, after discussing the limits of the new growth theory. The author managed to show the random events of innovation as creative response.

Knowledge and Contemporary Capitalism in Light of Marx's Value Theory

This thesis has two purposes. The first is to offer a critique of existing accounts of knowledge in contemporary capitalism. On the one hand, knowledge-based models of new growth theory are criticised for privileging some aspects of knowledge whilst endogenising it on the basis of a neoclassical framing; many restrictions are placed upon knowledge, in general, and its utilisation and diffusion, in particular. On the other hand, the bold argument of cognitive capitalism theory, that contemporary capitalism is undergoing a transition to a new stage of capitalism and therefore Marx’s value theory has lost its validity, is shown to be based on flawed understandings of value theory. Externalities play essential roles in both new growth theory and cognitive capitalism theory, each being a theory of use value, although there is no place for externalities as such in Marx’s value theory. Especially, for cognitive capitalism theory, unpaid life activities are seen to contribute significantly to production, with surplus being appropriated by capital as rent, which can and should be re-appropriated as basic income. The latter is, however, understood in cognitive capitalism theory as factor remuneration derived from the production of surplus products and, in this respect, it has an affinity with neoclassical economics despite its purported commitment to Marx’s method. The second purpose is to incorporate the role of knowledge into Marx’s value theory in a consistent and coherent manner. Criticising the two contending approaches in the South Korean controversy on the value and price of information commodities, this thesis puts forward an alternative based on a structural distinction between knowledge and commodities. It is demonstrated that knowledge affects the determination of the productivity and complexity of (collective) commodity-producing labour within and across sectors, respectively, and therefore takes part in the determination of the value of commodities. This social process of virtual multiplication of labour is a relatively abstract formulation of the role of knowledge in contemporary capitalism, but it also provides a logical foundation upon which more concrete and complex, and constructive, theories of knowledge can be built.

Economic Perspectives on Manufacturing

This chapter examines manufacturing in the early foundations of economics before moving into a relatively short, but admittedly complex, application of both economics and trade theory to the manufacturing sector. The review focuses first on growth theory, including New Growth Theory and its efforts to better model growth. Because these models remain imperfect, manufacturing's role is still not adequately understood. The discussion then turns to trade theory. New Trade Theory has led to a focus on the innovative and competitive capabilities of firms; the weaknesses of smaller firms in developing innovation capability have affected the manufacturing sector overall. However, these developments in growth, productivity, and trade theory and their application to manufacturing have been largely missed by mainstream economics. The analysis then turns to a discussion of some of the shortcomings of mainstream economics as it has applied to manufacturing.

PERANAN ILMU PENGETAHUAN DAN INVESTASI SUMBER DAYA MANUSIA DALAM MEMACU PERTUMBUHAN EKONOMI

<p>Entering the year of 1990s, the world economic growth was marked by the economic growth of Eastern Asian Countries reaching 7 percent per year on the average. Despite the economic crisis at the end of 1990s, these countries managed to grow. In reference the Classic Theory, the growth factors included supply side (production) whereas the Neo Classic Theory as its the follower introduced the role of human capital as the trigger of the economic growth i.e. New Growth Theory. Furthermore, several Neo Classic followers added that research and development were also the trigger of the economic growth.</p><p>Kata Kunci: Pertumbuhan ekonomi, research and development, investasi sumber daya manusia.</p>

Survey of Recent Development in the Literature of Financial Market Development and Economic Growth

This chapter explores theoretical issues relevant to the history of finance in the literature. The chapter reviews primary research in the areas of economic growth and incorporation of the financial sector that led to the evolutionary process of financial liberalisation and the restructure of financial markets. Different strands of the theory and various schools of thought that (positively) link finance and growth since 1960s are reviewed. Characteristics and rationale behind these schools are debated. Later in the chapter, the theory of financial intermediation that emerged in the New Growth Theory of economic development is discussed and major types of financial market structures including bank-based financial markets and market-based financial markets are distinguished.