TechHistory.co.nz
Title
Technology Innovation in New Zealand
Description
Technologists and economic historians instinctively understand that technological innovation is the essential component of economic growth. They also appreciate that, for innovation to occur, a combination of favourable circumstances is necessary. Economists however have traditionally considered the accumulation of conventional inputs such as labor and capital to be the primary force behind economic growth.
Robert Solow won the 1987 Nobel Prize for economics for formulating a growth theory that identified the importance of technology but his ideas have only slowly become a significant part of economists' thinking. Now, however, many macroeconomists place technological progress at the center of the growth process
The economists driving New Zealand's reforms in the 1980s and 1990s were seeking to create a competitive environment so that New Zealand businesses and institutions were efficient in their market. However, simply becoming efficient is a dead-end road. The economists' prescription has been notably unsuccessful. For growth to occur it is necessary to establish and maintain favourable conditions for technological innovation.
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