The race towards a knowledge based economy: a comparative study between Malaysia and Thailand

• Main Author: Veera Bhatiasevi
• Other Authors: Mahidol University. International College. Business Administration Division
• Format: Article
• Language: English
• Published: 2015
• Subjects: Knowledge-based economy; KBE; Malaysia; Thailand
• Online Access: https://repository.li.mahidol.ac.th/handle/123456789/10482
• Institution: Mahidol University

This paper has attempted to study the development and growth of a knowledge based economy in two developing countries, namely Malaysia and Thailand. A summary of different economic theories states that the best theoretical grounding for a knowledge based economy is the endogenous growth theory. The conceptual framework established for statistically measuring the success of knowledge-based economy (KBE) comprise of the following variables: 1). Innovation, 2). Information and communication technology, 3). Development and 4). Business Environment. Recommended additions to the framework were proposed in this paper based on integrating the following variables: 1). Government incentives, 2). Better human capital, and 3). Institutional factors. The last section of the paper proposes policy recommendations and conclusions.