6533b7dbfe1ef96bd127023e

RESEARCH PRODUCT

Dependency on un-captured GDP as a source of resilience beyond economic value in countries with advanced ICT infrastructure: Similarities and disparities between Finland and Singapore

subject

description

Abstract The majority of countries with advanced information and communication technology (ICT) infrastructure have been experiencing extended stagnation due to an “embedded” trap in ICT advancement. However, certain countries have been able to sustain a high level of ICT- driven global competitiveness. This suggests that in these contexts there is resilience beyond economic value. Finland and Singapore can be considered countries of resilience with respect to ICT-driven global competitiveness because of their continued GDP growth despite the recession. While both countries share significant similarities including institutional strength in ICT, they demonstrate noteworthy disparities in their development trajectories: Singapore is growth-oriented based on captured GDP while Finland seeks happiness by shifting to un-captured GDP. This contrast can be attributed to their distinct co-evolution with their institutional systems characterized by government/business initiatives in ICT usage for economic efficiency and differences in the new economic index referred to as “happiness seeking”. Given the increasing significance of un-captured GDP derived from the dramatic advancement of the Internet, this paper, will use a comparative analysis of ICT-driven development trajectories in six leading countries in the field over the last two decades. This analysis reveals the different option for maintaining economic resilience. A new method for measuring un-captured GDP was developed to assess the consequences and state of un-captured GDP in six countries. Institutional sources leading to this state were analyzed and a source of resilience beyond economic value was conceptualized and articulated.