Abstract
This study measured the rate of returns for knowledge asset as Gross Domestic Product (GDP) per capita, (a human progress indicator) rather focuses on production and consumption of scarce tangible assets. Knowledge investment rate of return is beneficial, because, knowledge is a limitless intangible asset, growth enhancing and sustainable, thus, also averting the challenges of Knowledge Economy Index (KEI). Sustainable Knowledge Investment Returns can ensure quality higher education, improvement in scientific research and accelerate attainment or consolidation of achieved Sustainable Development Goals (SDG) in a poor country like Ghana. The Council for Scientific and Industrial Research (CSIR), Ghana, data from 2009 to 2015 was used. In 2009, a rate of return of approximately 54% was obtained through the production function method. The financial method was used to calculate the remaining mean rates of approximately 36% for 2010 and 2011, negative 18% for 2012 and 2013 and approximately 59% for 2014 and 2015. Fluctuation in investment returns were accounted for by investments, incentives and schemes that foster demand for knowledge (IP patenting etc). Establishment and or operationalisation of Knowledge Production Fund and its open competitive access were recommended for sustaining higher knowledge investment and returns.
Highlights
1.1 BackgroundThe impact of tangible assets on standard of living is usually measured by per capita Gross Domestic Product (GDP)
The World Bank advocated for Knowledge Economy (KE) as a means of attaining sustainable and continued economic growth
This paper was based mainly on secondary data involving historical records that were derived from Council for Scientific and Industrial Research – Institute of Industrial Research (CSIR-IIR), Ghana
Summary
1.1 BackgroundThe impact of tangible assets on standard of living is usually measured by per capita Gross Domestic Product (GDP). Wealthy economies (per GDP indicator) mostly organised production around tangible resources such as cheap fossil fuels. These nonrenewable natural resources result in pollution, scarcity and eventual decline in growth. KEI indicators measures economic growth of one country relative to another in terms of moving, creating and using information concerning issues such as a country’s ICT infrastructure, tertiary enrollment, computers per thousand persons, amount of researchers in R&D etc. These KEI indicators are not much endowed in Africa. This means that, in poor countries, availability of the aforementioned indicators is less than as it is in western quantity and quality
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