Innovation and Growth in LAC: The Next Generation of Reforms

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Presentation transcript:

Innovation and Growth in LAC: The Next Generation of Reforms William F. Maloney Office of the Chief Economist, LA, World Bank

Why Innovation Push Now? Ongoing work WBI: knowledge economy studies HD: higher education projects FPSI: E-gov, E-Bus. Region- Preoccupation with slowed growth Regional Flagships: From Natural Resources to the Knowledge Economy… Why did LAC’s natural resources sectors underperform Scandinavia, Australia- Lack of innovative capacity Closing the Gaps in Education and Technology-takes a closer look

TFP growth faster in agriculture than manufacturing. Half of Growth is Total Factor Productivity

LAC- way below R&D Superstars

LAC’s efficiency of converting R & D into patents,TFP is also low Patents = B1R&D + Bp country*R&D 20.00% 15.00% 10.00% 5.00% 0.00% ARG BRA CHL COL CRI MEX PER URY VEN TWN KOR ISR FIN NOR -5.00% -10.00%

National Innovation System Global Knowledge Economy Human Capital Think Tanks/ Antenna University Innovation Clusters Firms Other Public Policies: Rules of the Game Infrastructure (ICT) Subsidies/Tax incentives Coordination Initiatives Innovation & TFP Growth Global Knowledge Economy

Why is LAC not Finland? The challenge ahead Weak human capital Not addressing serious mkt failures in innovation Few incentives to R & D - tax breaks, subsidies Weak efforts to help firms learn Incubators, research parks, consortia Disfunctional NIS: LAC’s NIS-closer to the Holy Roman Empire than Finland. No mkt forces assure elements of NIS work together Missing supporting markets-credit, labor

The Bank’s Challenge Hippocratic Oath- “First do no harm” Mkt failures- last refuge of the interventionist scoundrel Innovation: the Trojan horse of state discipline? Bad incentives, institutions already implemented that will be hard to reform- U’s, public labs Commit to a long dialogue Know what we’re talking about! Down to policy details Do/sponsor the LDC research necessary and.. Get our models right: What’s a knowledge economy anyway? What the heck is high tech?

Deviations from expected level Who Should LAC follow? Deviations from expected level Finland Korea FDI R&D License Payments Fuente: Maloney (2004)

But Spain, Italy and Portugal follow a different path. Chile Spain FDI R&D License Payments

FIN