Catch-up and Convergence: Mechanism Design for Economic Development

Authors

  • Hans W. Gottinger

DOI:

https://doi.org/10.14738/abr.91.9550

Abstract

A globalization process can be conceived as an evolving distributed algorithmic mechanism design (DAMD) that induces technology racing with natural catch-up processes of regional or country-wide competition.

We describe the architecture of DAMD as the basis for development economics that lead to natural ongoing shifts in industrial performance and catch-up development. The link between implementation of DAMD and a dynamic system of country-wide industrial evolution is essential for understanding the diverse pattern of inter-country or inter-regional competition.

By selectively reviewing a cross section of the catch-up literature on economic growth it is shown which essential elements of long-run sustainable growth dominate to achieve superior performance and why informationally efficient mechanism design of the Hayek-Hurwicz type is a superior vehicle for industry based economic growth in a globalized economy.

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Published

2021-01-17

How to Cite

Gottinger, H. W. (2021). Catch-up and Convergence: Mechanism Design for Economic Development. Archives of Business Research, 9(1), 1–23. https://doi.org/10.14738/abr.91.9550