Economic growth: the role of knowledge economy in the context of selected Asian countries

Abstract

This study examines the role of different knowledge economy components in economic growth as well as the simultaneous effects of ICT infrastructure, education, and innovation on economic growth of selected Asian countries over the period 1990-2014 using Driscoll-Kraay estimation method and seemingly unrelated regression (SUR) and three stage least squares (3SLS). The results confirm that there exists a positive association between economic growth and four components of the knowledge economy framework. Furthermore, there is also evidence of the multidimensional effects of ICT infrastructure, education, and innovation on economic growth. As a result, the policy makers should pay more attention on improving innovation, education, information and communication infrastructure, and institutional regime systematically to achieve sustainable economic growth