Institutions, Innovation and Economic Growth Patterns in East Asia: Learning Curves for Sub-Saharan Africa

The study is an investigation into the roles of institutions and innovation in the economic progressiveness of Newly Industrializing Countries (NIEs) of East Asia, and the inherent lessons for the development of poor nations, especially in Sub-Saharan Africa. This is primarily germane given the historical and economic similarities that characterize these regions, and the quest to evolve development models relevant for African economic development. The study adopted a descriptive and theoretical stance in its analysis. Evidence from empirical and theoretical literature, as well as trend analysis of secondary data point to technological advancement and effectiveness of institutionsas the major drivers of economic development in East Asia. Others include innovation, manufacturing performance, etc. The study therefore recommends funding of Research and Development (R&D) in order to boost innovation and local technological capacities, prioritizing education at all levels and periodic review of education curricula to reflect technical competencies especially in primary and secondary schools. Also, the study strongly recommends the development and implementation of unconventional growth models in poor nations of the world taking into consideration country characteristics and structural differences.

Keywords: Institutions, Innovation, Economic Growth, East Asia, Sub-Saharan Africa