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Vol.2 , No. 5, Publication Date: Sep. 22, 2015, Page: 40-55
| [1] | Diana Loubaki, Department of Fundamental Analysis in Economics, University Marien N’Gouabi, Brazzaville, Congo; Centre d'Economie du Développement et de la Soutenabilité de la Croissance, Clamart, France. |
This article is a global economic development theory built on a mixture of historical observation, scientific results as well as modern growth and the brain drain theories interaction. The results found are: ex-ante and ex-post multiple equibria define multiple take-off locus over time. Once the dynamical paths converge toward a given locus, thus joins the convergence club in economic performance level. Finally, comparative development presents three main economic performance levels where the highest is shared among Western countries, between the highest and the world threshold is the one shared by the Asian emerging countries, Latin American countries settled on the threshold and African countries remain at the bottom. Therefore, a theory is provided to lift the lowest dynamical path toward the equilibrium on the basis of the capacity to innovate through R&D, knowledge externalities, adoption and absorption of new innovations in production sector. Consequently, the model provides theoretical foundations of the empirically observed emerging countries in economic globalization context fact the theory couldn’t explain until now.
Keywords
Ex-Ante Multiple Equilibria, Ex-Post Multiple Equilibria, Take-Off, Technology Adoption, Technology Absorption, Knowledge Externalities, Diaspora, Comparative Development
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