Modeling the Future of Knowledge Economy: Evidence from SSA and MENA Countries

Abstract

Standard-Nutzungsbedingungen:Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden.Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen.Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, gelten abweichend von diesen Nutzungsbedingungen die in der dort genannten Lizenz gewährten Nutzungsrechte. Terms of use: Documents in IntroductionGlobalization has been universally recognized as the predominant force dominating the economic universe. It aims to illuminate the world with economic prosperity by seeking a victory of markets over governments and self-interest over altruism. The phenomenon is enshrined in the global commitment to continuing and accelerating the pace of human development. In recent years, the challenges of globalization have obliged scholars to devote a great deal of attention to the nature and functioning of the knowledge economy (KE). In fact, as globalization has become an ineluctable process (whose march can be stopped only by endangering the prosperity of nations), it has become abundantly clear that, for any continent, region or country to be actively engaged in the global economy, it must espouse competition as a benchmark to prosperity. KE which is central in competition has emerged in the late 1990s as a key theme in the OECD and World Bank reports (World Bank, 2007;Weber, 2011).There is wide consensus among scholars that knowledge created through innovation and technical progress is a long-term driver of economic prosperity. Accordingly, the dynamics of KE mastered by Europe and North America have enabled them to inexorably determine the course development at the international level. South America and Asia have been adapting to the KE challenges of globalization with calculated steps in their current pursuits of national, regional and international projects. In fact, the KE pattern of Japan has set the course for China, Malaysia and the Newly Industrialized Economies of Asia (Korea, Taiwan, Hong Kong & Singapore), who are currently shifting toward 'knowledge-based economies' from the 'product-based economies' in the post industrialization period (Chandra & Yokoyama, 2011). While most scholarly attention on KE has been devoted to the emerging economies of Latin America and East Asia, in sub-Saharan Africa (SSA) and the Middle East & North African (MENA) countries, KE issues are also assuming central stage in discussions on development (Asongu, 2013a).Substantial efforts to understand the structure of the emerging KE have recently been devoted to SSA and MENA countries, either through the fight against software piracy (Andrés & Asongu, 2013; Asongu, 2012ab), financial sector competition (Asongu, 2012c), production value of doctoral dissertations (Amavilah, 2009) or pro-poor nexuses (Asongu, 2013b). These recent waves of stu...

On the Obituary of Scientific Knowledge Monopoly

“…Consistent with recent literature (Asongu, 2012a(Asongu, , 2013a, the estimation approach is based on β-convergence due to constraints in the data set.…”

“… an error term. According to Fung (2009, p. 59) and recent catch-up literature (Asongu, 2012a(Asongu, , 2013a …”

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“…A substantial body of recent literature documents constituent elements of the Knowledge Economy Index (KEI) components may be correlated with one another, see, eg., Asongu (2013aAsongu ( ,b, 2014b and Andrés et al ( 2014). Thus we address the issues of degrees of substitution and mitigate concerns related to overparameterization (and multicollinearity).…”

The Arab Spring Was Predictable in 2007: Empirics of Proof

“…The adoption of beta-convergence as estimation technique is typically consistent with the recent empirics (Narayan et al, 2011;Asongu, 2013b). The following two equations are the standard procedures for investigating this beta catch-up if t i W , exhibits strict exogeneity (Fung, 2009).…”

“…The intuition for a possibility of cross-country harmonization in factors of a common event with a timeline conditional on the full (100%) catch-up period has been recently employed in a plethora of development areas (Narayan et al, 2011;Asongu, 2013aAsongu, , 2013bAsongu & Nwachukwu, 2016). The rest of the paper is organized as follows.…”