A continuous flow of technology/industrial innovation is the key to sustained dynamic growth. Developing countries have an "advantage of backwardness" as they can borrow technology/industry from the developed countries. In an open, competitive market, the optimal technology/industrial structure...

Modern economic development is accompanied by the structural transformation from an agrarian to an industrial economy. Since the 18th century, all countries that industrialized successfully have followed their comparative advantages and leveraged the latecomer advantage, including emerging...