td [Related to the Economics in Practice in this section) In a March 2013 press
ID: 1137475 • Letter: T
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td [Related to the Economics in Practice in this section) In a March 2013 press release, the World Bank announced its support to assist Indonesia in accelerating its economic growth through the Research and Innovation in Science and Technolpgy Project (RISET). This project is designed to boost research and innovation in Indonesia and assist the country in evolving into a knowledge-based economy According to Stefan G. Koeberle, World Bank Country Director for Indonesia, human resources and national capabilities in science and technology is a key pillar in Indonesia's masterplan to accelerate and expand its economy. Shifting from a resource-based economy to a knowledge-based economy will bring Indonesia up the value chain in a wide range of sectors, with the help of homegrown innovation and a vast pool of human resources. The press release states that a large part of the RISET program will involve assistance in raising the academic credentials of Indonesian researchers involved with science and engineering, and it is hoped that the program will eventually lead to increased investment in R&D, where asa percentage of GDP, Indonesia's R&D investment falls significantly below many of its Asian neighbors. Move to Accelerate Indonesia's Economic Growth through Sclence, Technology, and Innovation," www.worldbank.org, March 29, 2013. Increasing research and innovation and raising the academic credentials of researchers can assist in increasing long-run O A. raising the country's stock of human capital. O B. increasing the adaptationlexploitation of existing and new inventions O c. accelerating the advance of new knowledge. O D. all of the above. E. A and C onlyExplanation / Answer
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(E) A and C only
Explanation- (A) states that raising the country’s stock of human capital. In the article it is clearly stated that through this scheme it is targeted that the country will be shifting to resource based economy to knowledge based economy and this will be done by using the human resource. Hence any expenditure on researchers development and the bearing the cost of their researches will lead to a development of healthy human resource.
(C) states that accelerating the advance of new knowledge- this is the basic objective of the scheme it aims to enhance the new knowledge and then only it will be able to achieve its status of knowledge based economy.
However option (B) is not correct because the tagret of the policy is not innovations or implementation/adaptation of these inventions but to train and raise credentials of the researchers and the scientists in the economy.
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