Business Dynamics, Knowledge Economy, and the Economic Performance of African Countries

Asongu, Simplice and Amavilah, Voxi Heinrich and Andrés, Antonio (2019): Business Dynamics, Knowledge Economy, and the Economic Performance of African Countries. Forthcoming in: Information Development

Abstract

This paper develops a framework (a) to examine whether or not the African business environment hinders or promotes the knowledge economy (KE), (b) to determine how the KE affects economic performance, and (c) how economic performance relates to the inequality-adjusted human socioeconomic development (IHDI) of 53 African countries during the 1996-2010 time period. We estimate the linkages with three related equations. The results support a strong correlation between the dynamics of starting and doing business and variations in KE. The results also show that there exists a weak link between KE and economic performance. Nonetheless, KE-influenced performance plays a more important role in socioeconomic development than some of the conventional control variables like foreign direct investment (FDI), foreign aid, and even private investment.

• Item Type: MPRA Paper
• Language: English
• Keywords: Business Dynamics; Knowledge Economy; Economic Performance, Instrumental Variables; Panel Data; Inclusive Growth and Development; Sub-Saharan Africa
• Subjects: L - Industrial Organization > L9 - Industry Studies: Transportation and Utilities > L96 - Telecommunications; O - Economic Development, Innovation, Technological Change, and Growth > O1 - Economic Development > O10 - General; O - Economic Development, Innovation, Technological Change, and Growth > O2 - Development Planning and Policy > O20 - General; O - Economic Development, Innovation, Technological Change, and Growth > O3 - Innovation ; Research and Development ; Technological Change ; Intellectual Property Rights > O30 - General; O - Economic Development, Innovation, Technological Change, and Growth > O5 - Economywide Country Studies > O55 - Africa

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