Expanding the Production Possibility Frontier of Sri Lanka: A Historical Economic Perspective on Technological Progress

Abstract

Introduction: The level of living conditions in a developed country such as the United States of America, Japan or the United Kingdom is not anymore a secret for any of the Sri Lankans living in this information age. Moreover, no one in the 21st Century would reject to have that level of comfort in his or her life. Therefore, the central question that gets to one’s mind is that how they have achieved such development while we are struggling for it for decades even after independence. Alternatively, we can ask the same question, “how did they achieve that much of development while we are not having”? Answering this question is not an easy task. Even the shorted list of answers is so long, to name a few; effects of colonization, typical Sri Lankan culture, religion, corrupted political culture, bad institutions, and poor technological progress. Not to argue with the list, since it is not a complete one and the order can be different as one think. However, if we analyze it with world history, it suggests that the main culprit is the poor technological progress in the country during the past two centuries. Hence, the main objectives of this article are to answer the over raided question of “why Sri Lanka could not achieve the living conditions that the developed countries currently enjoying” and “how the future policy directions should be formulated to catch up the developed world” in a historical economic perfective.

Analysis of the Sustainability of MSMEs in the Covid-19 Pandemic Era

“…The effect of technological advances on economic growth is to eliminate limited resources (Kumara, 2019). With input production technology, you don't have to find a new resource base.…”

Survivability Scenario of SMEs in Facing COVID-19 Crisis Based on the Social Commerce Framework

“…As evident in the literature, Freeman and Soete [4] professed that technical innovation is an essential indicator of economic growth. As Kumara [5] progress leads to shifting the entire frontier right with a given level of production inputs and without bothering to find a new resource base. Romer (1986) described technological innovation of SMEs as a source of growth in economies.…”

The Impact of Business Development, Strategic Planning, Business Outsourcing, and Organizational Change towards the Use of Technology among SME’S in Saudi Arabia

“…Next, Opportunities barriers, don't get the benefits of government policies is counted as the main barrier to SMEs to survive longer (AL-Hyari, 2013). However, lack of technological progress means a lack of shifting the entire frontier, lack of maximum production, which is the main barrier to the SMEs in today's life (Kumara, 2019). The aim of this study was how to reduce the failure of SMEs in Saudi Arabia, and what are the factors that can help entrepreneurship to contribute to failure outcomes.…”