Science Policy and Development Strategy in Developing Countries
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In recent years problems of science policy have acquired a prominent place and have led to growing interest among social scientists in discovering the relationships between scientific research, technical progress and economic growth. The marriage of scientific research with physical production, which characterises present economic development and current changes in world economic relationships, has clearly shown the short-comings of the tools of economic growth analysis. The introduction of a residual term ‘technical progress’ in production functions and the magnitude of this residual term, which has been found to be greater than that of both capital and labour together, was merely the recognition of the fact that the predictive power of equations derived from past performance of national economies and their various sectors, has in fact been unpredictable.
KeywordsScience Policy Technical Progress Advanced Country Research Capacity Aggregate Index
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