One of the most important lessons in economics is that productivity is key to economic growth. Productivity is defined in economic theory as the ratio of output over input. Productivity is mainly driven by four components: innovation, including the creation of new technologies: education to spread these new technologies and develop the capacity of the workforce, efficiency to promote the effective and flexible allocation of resources for production in various sectors; and infrastructure, both physical (transports, energy supply, and telecommunication systems) and intangible (public institutions and macroeconomic environment) to support private activity. These four components are interrelated and influence one another. This Research Policy Brief discusses each component and illustrates them by analyzing six countries in Asia and Latin America, Malaysia, Singapore, and Vietnam and Chile, Mexico and Peru. These six countries are members of a free trade agreement recently signed on February 2016, the TransPacific Partnership (TPP).
Details
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Author
Kim,Young Eun, Loayza,Norman V., Meza Cuadra Balcazar,Claudia Maria
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Document Date
2016/08/01
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Document Type
Brief
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Report Number
108092
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Volume No
1
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Total Volume(s)
1
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Country
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Region
Latin America & Caribbean, East Asia and Pacific, The World Region,
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Disclosure Date
2017/05/31
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Disclosure Status
Disclosed
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Doc Name
Productivity as the key to economic growth and development
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Keywords
Primary and Secondary Education;number of patent applications;performance of education system;corporate taxation;intellectual property protection;investment in research;police service;regulatory burden;higher government spending;collaboration in research;innovation and growth;improvement in productivity;allocation of resource;school enrollment rate;equity in access;energy supply systems;level of performance;quality of education;higher education system;secondary education enrollment;monetary economics;physical infrastructure;million people;formal sector;research institution;global knowledge;macroeconomic environment;math score;advanced technology;research institutions;transforming economies;national saving;public security;cross-country evidence;human capacity;continuous training;high enrollment;worker productivity;macroeconomic factor;agricultural sector;air transport;institutional infrastructure;factor accumulation;creative destruction;public expenditure;Labor Market;informal employment;net enrollment;disadvantaged school;retirement pension;educational resource;common feature;telecommunication system;great depression;trade agreement;enrollment capacity;education company;technology development;existing technology;advanced training;private activity;innovative technologies;agriculture sector;research institute;increasing share;productivity gain;Macroeconomic Stability;public system;industry sector;investment need;legal framework;educational opportunity;
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Citation
Kim,Young Eun Loayza,Norman V. Meza Cuadra Balcazar,Claudia Maria
Productivity as the key to economic growth and development (English). Research & Policy Briefs,no. 3 Washington, D.C. : World Bank Group. http://documents.worldbank.org/curated/en/314741472533203058/Productivity-as-the-key-to-economic-growth-and-development