Notes

1 Introduction 1. World Bank (1993); Lucas (1993). It will be clear from the argument devel- oped in the subsequent chapters that the treatment of technology in these widely cited pieces leaves much to be desired. Innovation requires a base of physical and human capital; but it also requires an institutional set up, knowledge creation and application on a sustained basis. The concept of a POLIS is meant to capture these complex processes in a systemic manner. 2.The reader may note that the literature on the endogenous growth theory with interactions between human capital and R&D also offers prospects of sustained growth. Of course, critics in the past have pointed out that any theory that allows growth without limits ignores the second law of thermo- dynamics. See for example Georgescu-Roegen (1971), Daly and Cobb (1989) and Boulding (1966) among others. Therefore, the energy and environmen- tal constraints that might apply should be kept in mind. But for any such set of constraints the above conditions mentioned in the text are assumed to apply when a POLIS exists.

3 The Myth of an Asian Miracle? 1. Indeed after repeating the exercise for a cross-section of Asian economies separately, I could not reject this hypothesis either. 2. Unless one were to assume, in addition, that the ‘true’ depreciation rate is higher in the developing countries than in the developed countries, because of various factors such as the mix of outputs. However, we may also note that Japan, which is supposed to have a high ‘depreciation’ rate, also has a high estimated rate of capital augmentation. In any case, given the magni- tudes of the estimated capital augmentation rates of the developed countries, the implied ‘true’ depreciation rates would have to be implausibly high. 3. Another way in which there may be little or no net increase in value added, even with the adoption of new equipment and technology, is if critical com- ponents that are needed as intermediate inputs can be imported only at high monopolistic prices. Thus, the benefits of the new technology are appropri- ated by the foreign manufacturers and suppliers of the critical components. Examples of such critical components include microprocessors, liquid crystal displays, and MS-DOS and Microsoft Windows softwares for notebook computers; plastic lenses for cameras; and recording heads for video-camera recorders.

4 Making a Miracle: A New Approach 1. It seems to me that theories of both types engage in conceptualization and the exploration of logical relations among concepts. However, appreciative theory proceeds without the help of a formal mathematical apparatus most of the time.

130 Notes 131

2. Solow (1994) is an attempt to assess the achievements and the short- comings of the new growth theoretical models, as discussed later in this chapter. 3. Khan (1997a) presents some preliminary thoughts and a model (in Chapter 2) emphasizing this point. 4. The recent debate on convergence can also be viewed in this context as countries moving through different paths and different equilibria forming a complex of dynamic trajectories. 5. As the subsequent discussion shows, complementarities between R&D and human capital may be far more important than has been thought previ- ously. This is a major aspect of the positive feedback loop innovation systems discussed later. 6. Both types of specifications are possible in principle. In practice, as in the case of South Korea in Chapter 5, the availability of data will often deter- mine what type of specification will be used. 7. If SAMs are available at regular intervals (Indonesia is one such country), then models with flexible prices, different closure rules, etc., can be con- structed over time. 8. This does not imply that these relationships are fixed. The reasonable inter- pretation is that for distinct two technology systems the range of co- variations among the different variables will show distinct and regular patterns in each case. These covariational differences will then establish the differences between the two technology systems. 9. For a description of SAM as a data gathering device, see Pyatt and Thorbecke (1976). 10. In Walrasian general equilibrium models the flexible price vector deter- mines the equilibrium. In a Keynesian (dis)equilibrium model in the short run the quantities vary while the price vector remains fixed. It is, of course, possible to build more complex models of CGE variety based on both orthodox and heterodox economic theories. 11. See Khan and Thorbecke (1976) ch. III; the presentations here follow the cited work closely. 12. Ibid. 13. See Pyatt and Round (1979).

5 Korea: The Making of a POLIS? 1. As emphasized earlier, the evolutionary approach to technology followed here is definitely not a mechanical theory. Even in the economic realm, complexities and uncertainties in economic interaction will take the analysis further from standard practice. The challenge is to do this in a rigorous and (if possible) formal framework. 2. The SAM-TECH built by Thorbecke can be found in Svejnar and Thorbecke (1980, 1982).

6 Taiwan: Builing a POLIS 1. Of course, it is not being claimed that having an apparently self-sustaining innovation structure in one sector is sufficient for a POLIS. For this we must examine the economy-wide linkages. 132 Notes

Conclusions 1. World Bank (1993) and Fishlow et al. (1994) present two divergent approaches and conclusions on this. 2. See also the discussion by Crocker (1995) and Khan (2001b). Bibliography

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ACER 81, 85 ,86, 87 financial structures 95, 105 Alam, Shahid3 financial system 95, 103, 104, 105, Amann’s fixed point theorems 6 106, 107, 110, 114, 118, 119, 120, Amsden, Alice 3 121 Arrow, K.J. 33, 35, 61 Friedman, Milton 123 Arthur, Brian 35, 36 Asian Development Bank 145 GDP 9, 12, 21, 23, 29 backward linkages 47, 49, 51 Hanbo group8 Banach space 6, 43, 45 Hobday, Michael 81, 82, 83, 85, 86, bank 10, 11, 12, 66, 67, 75, 90, 95, 87, 88, 150, 169 98, 99, 100, 101, 102, 103, 104, HPAEs (high-performing Asian 106, 107 economies) 8, 9, 10, 31 Bank of Taiwan 121 human capital 3, 5, 6, 9, 10, 13, 14, Bardhan, P. 62 16, 19, 20, 23, 24, 34, 37, 38, 39, 49, 60, 64, 71, 77, 82 capabilities 6, 48, 67, 73, 138, 140, 157, 164 imitative 83, 92, 122 capital augmentation rate 20 increasing returns 6, 22, 30, 35, 42, capital market 99, 106, 107, 108, 43, 60, 61, 62, 75, 76, 91, 135, 109, 110, 133 156, 161, 168 Central Trust of China 57 innovation system 1, 5, 17, 32, 37, Chandlerian economies of scale 126 39, 40, 41, 42, 46, 47, 56, 60, 61, compact 45, 46 64, 68, 69, 75, 77, 91, 140, 150, complexity 6, 35, 40, 41, 171 153, 154, 163 consumption 15 Inter-American Development Bank 174 diffusion channels 84 interest rate 67 diffusion of technology 66 diffusion technology 134, 137, 141, James, Jeffrey 3, 49, 50, 51, 140, 151 143, 144, 146, 147, 171, 172, 175 disequilibrium 42, 52, 151, 159 Kaldor, Nicholus 35, 61, 62 Kaldor–Mirrlees model 61 East Asian miracle 14, 17, 30, 39 Khan, Haides A. 3, 5, 37, 38, 49, 50, employment 48, 49, 50, 51, 76, 151, 51, 52, 53, 54, 64, 65, 66, 67, 68, 153, 156, 157, 170 74, 75, 125 endogenous accounts 43, 53, 54 Kim, Euysung 3, 75 exogenous accounts 43, 53, 54 King, Gregory 51 Korean Development Bank 101, 155 FDI (foreign direct investment) Krugman, Pane 3, 4, 5, 18, 19, 24, 42–3, 65, 69 35, 36, 39, 59 financial liberalization 96, 97, 98, 117, 121, 127 lattice 6

179 180 Index

Lau, Lawrence J. 3, 19, 20, 21, 22, productivity miracles 13 23, 24, 29, 30, 59, 89, 137, 154, Pyatt, Graham 51 157, 158 Lucas, R.E. 3, 12, 13, 14, 15, 16, 17, QWERTY 36 33, 37, 61, 130, 159 R&D 6, 21, 22, 23, 30, 71, 73, 80, marginal expenditure propensity 55 82, 85, 88, 89, 91, 95, 126, 130, marginal productivity 23, 31 131, 133, 137, 140, 148, 155, 159, Ministry of Finance (MOF) 11 160, 162 Ministry of Science and Technology R&D link 56 (MOST) 73 Robinson, Joan 35 Ministry of Trade and Industry (MITI) Robinson, Sherman 12 11 Rodrik, Dani 126 modern systems of technology 3 Romer, Paul M. 32, 33, 34, 37, 61 modern technology 1, 48, 49, 50, 51, 52, 55, 64, 65, 68, 73, 76, 79, SAMs (social accounting matrices) 80, 89, 125, 173 6, 41, 42, 43, 46, 47, 49, 50, 51, modSAM-Tech 75, 76, 90, 91 52, 53, 54, 55, 73 money market 106, 107, 108, 109, SAM-Tech 67, 73, 74, 75, 76, 81, 89, 110 90, 131 multiple equllibria 5, 6, 35, 36, 37, Schumpeter, Joseph A. 2 38, 40, 41, 43, 44, 45, 48, 60 Schumpeterian 47 Sen, A.K. 61, 129, 164, 170, 171 Nelson, Richard 1, 2, 3, 30, 31 small and medium business 144 neoclassical growth model 3 Smith, Adam 35, 39 neoclassical growth theory 29 Solow, Robert 4, 32 new growth theory 32, 35, 36, 37, state v. market debate 4, 6 61, 62, 131 Stewart, Frances 47, 48, 172, 173 newly industrializing economics Stone, Richard 51 (NIEs) 8, 12, 24, 29, 37 strategic complementarity 23, 37, non-linear 36, 40, 41, 42, 43, 44, 39, 60, 167 46, 52, 60 strategic industry 120 non-linearities 42, 47, 52, 60 strategy 12, 13, 15, 17, 52, 53, 57, Nussbaum, Martha 129, 140, 164, 59, 60, 66, 68, 69, 70, 75, 78, 80, 171 83, 89, 91, 92, 137, 138, 140, 141, 150, 157, 165, 168 OECD 34 OEM (original equipment Tarski’s fixed-point theorem 6, 45, manufacturing) 85, 86, 87, 88, 63 150 Tatung 81, 83, 85 TDPA (Technology Development Pack, Howard 2, 3, 30, 31 Promotion Act) 65 Page, John D 31 technological spillovers 34 POLIS 5, 6, 7, 19, 24, 41, 42, 46, 47, technology 1, 2, 3, 4, 5, 10, 13, 14, 53, 59, 60, 61, 62, 64, 65, 67, 68, 17, 19, 20, 21, 22, 27, 30, 32, 33, 69, 70 35, 36, 37, 39 productive activity 5, 42, 43 technology systems 36, 40, 41, 42, productivity growth 2, 4, 14, 15, 17, 43, 46, 47, 48, 49, 50, 51, 52, 55, 24, 25, 27, 28, 29, 37, 62, 64 56, 57, 58, 60, 62 Index 181

Thorbecke, Erik 38, 51, 52, 53, 54, 74, venture capital 67 131, 134, 141, 153, 166, 174, 175 technology imports 65 Washington Consensus 127 total factor productivity (TFP) 4, 17, Weitzman, Martin 11 24, 25, 26, 27, 30, 34, 39, 58, 60, World Bank 2, 3, 8, 9, 10, 11, 12, 89, 139, 144, 145, 150 133, 136, 137, 138, 139, 140, 141, 152, 156, 157, 158 unemployment 91, 146 United Fiber Optic Communications Young, Alwyn 3, 14, 19, 24, 25, 27, Inc. (UFOC) 88 29, 31, 89, 165, 178