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It is clear, however, that the international demand for and supply of technological inputs are not exogenous. Firms in developing countries will choose the type of technology imported so as to maximize their profits. Also, Page 3 firms in industrial economies choose the channel through which to transfer technologies based on profit-maximizing conditions. The form of the transfer (subsidiaries wholly owned by foreign investors, joint ventures, licensing, or direct sales of machinery) affects the dispersion of proprietary knowledge and thus monopoly rents.

Two elements combine to reveal why technology is likely to be important for economic growth: countries with higher per capita incomes also hold larger stocks of measured knowledge, and knowledge travels cheaply and fast. Although well established in theory and anecdotally, the link between growth and the accumulation of knowledge has been tested by relatively few rigorous empirical studies. The most quoted reference in this area is Coe and Helpman (1995), who focus on knowledge diffusion among Organisation for Economic Co-operation and Development (OECD) countries.

1993. " Quarterly Journal of Economics 108(3):57798. Jovanovic, Boyan, and Glenn MacDonald. 1996. " Journal of Political Economy 102(1):2452. Jovanovic, Boyan, and Yaw Nyarko. 1995. " Journal of Economic Dynamics and Control 19(June):103364. 1998. " In Giorgio Barba Navaretti, Partha Dasgupta, Karl G. , Creation and Transfer of Knowledge: Institutions and Incentives. Heidelberg and Berlin: Springer Verlag. Krugman, Paul. 1987. "The Narrow Moving Band, the Dutch Disease, and the Consequences of Mrs.

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