By Jose Antonio Ocampo
'Beyond Reforms' argues that fiscal progress in constructing international locations is intrinsically tied to the dynamics of creation constructions, to the categorical guidelines and associations created to aid it, and the production of linkages between household corporations and sectors. warding off macroeconomic instability can be crucial. although, macroeconomic balance isn't really a enough for progress. the wider institutional context and the enough provision of schooling and infrastructure are crucial 'framework conditions,' yet in general don't play an instantaneous function in bringing approximately adjustments within the momentum of financial development.
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Additional info for Beyond Reforms: Structural Dynamics and Macroeconomic Vulnerability (Latin American Development Forums)
Because of its “social capital” attributes, imperfect tradability and imperfect appropriability are paramount in the case of organizational knowledge. Commercial know-how plays a crucial role that tends to be overlooked in most analyses, and it certainly plays a pivotal role in international trade (Keesing and Lall 1992). Indeed, one of the most important determinants of the expansion of firms relates to their ability to develop appropriate channels of information and marketing and to build a commercial reputation (goodwill) and a known trademark.
The rate of innovation depends, then, on the particular balance between costs, risks, benefits, and their appropriability (including their legal protection, in cases where this is possible). It must be emphasized that these three attributes of technical change— imperfect tradability, close association with production experience, and private/public attributes—are equally characteristic of other forms of knowledge, particularly organizational and commercial know-how (and, as we will see below, institutional development).
1; 2003a). The concept of elastic factor supplies can be applied equally to natural resources and infrastructure. The “vent for surplus” models provide a similar adjustment mechanism, in which the increased productivity accompanying economic growth is the result of the exploitation of previously idle or underutilized natural resources. Because of the large indivisibilities characteristic of infrastructure, particularly of transportation networks, major infrastructure projects may spread their benefits over long periods.