Abstract
The advent of technologies has stimulated the economic growth of western countries, however, some Asian and African countries are among the Lower Middle Income Countries due to lack of technology adoption and digitally skilled human capital. The use of technologies produces digital competent human capital stock that accelerates economic growth. The prime goal of this article is to explore dynamics of technology adoption, technology innovation, human capital and skill development for Lower Middle Income Countries region over the period 2000-2016 by Generalised Method of Moments and cross sectional dependence. New technology adoption, technology innovation and human capital & skill development indices are formulated. The empirical findings indicate that human capital development & skill and investment have positive linkage with Lower Middle Income Countries economic growth while technology adoption and innovation have different linkage across the Lower Middle Income Countries regions. The panel error correction method was applied to estimate short run dynamics and convergence rate. The fully modified ordinary least square was applied to authenticate whether the long run estimates are consistent and valid for policy implications. The findings propose policy implications for advance technology adoption and innovation with the focus on human capital development & skill and investment in Lower Middle Income Countries region.
Highlights
Information era has stimulated the integration of Information and Communication Technologies (ICT) in all facets of life but more importantly in the education sector
GEOMETRICAL MEAN AND DESCRIPTIVE STATISTICS Figure 1. depicts the mean of ECO, FCF and LF divided by region of Lower Middle Income Countries (LMICs)
It is worth to be noted that the mean value of FCF is 23.11 higher than ECO and LF while human capital & skill development (HCS) has highest value among HCS, technology innovation (TIN) and technology adoption (TAD) in case of LMICs
Summary
Information era has stimulated the integration of Information and Communication Technologies (ICT) in all facets of life but more importantly in the education sector. Industrial-cum-technological advancement (ITA) index was developed by [2] which aim to provide characteristics of a country’s economy based on the role of technology and industry [2]. ITA has four indicators for measuring industrial development based on performance These indicators are; i) contribution of manufacturing in GDP, ii) contribution of manufacturing in exports, iii) contribution of technologies in manufacturing value added (MVA), iv) contribution of technologies in export. High Technology Indicator (HTI) is comprised of national orientation, technological resources, socio-economic infrastructure and productive capacity. Among these indices, Technological Achievement Index (TAI) is based on the capability of creating and utilizing technology and not on the magnitude of technological development [1]
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