Economy: The Role of Innovation
The knowledge economy represents an intangible economic configuration whereby knowledge is valued as a key factor in production. Economic growth in leading world economies is increasingly based on knowledge, in addition to tangible assets such as capital and labor.
This paper aims at exploring the role of innovation in transforming the Unites Arab Emirates (UAE) into a knowledge-based economy. It discusses the challenges that UAE faces in shifting towards knowledge economy. The paper proposes recommendations as well.
The essay is divided into the following parts:
Part One: Abstract: (half page)
This part summarizes the whole essay.
Part Two: Innovation and Knowledge economy: Literature review (5 pages)
Innovation is essential to improving the quality of life, increasing economic diversification, enhancing knowledge economy, improving competitiveness, creating high skilled jobs, and promoting entrepreneurship.
The aim of this part is to provide a comprehensive overview of the scholarly literature on the relationship between innovation, knowledge economy and economic growth. This part must analyze the role of innovation in building the knowledge-based economy. The analysis needs to focus on developing countries, especially Gulf countries.
Part Three: United Arab Emirates Economy: An Overview (3 pages)
As the country of the United Arab Emirates strives to compete on the 21st century, it faces a number of challenges, including fluctuating oil and gas prices, economic diversification, and the need to build up human capital and create jobs for its national. To address these challenges, the UAE is embarking on knowledge-based economic development, promoting innovation and research and development, strengthening the regulatory framework for key sectors, and encouraging high value-adding sectors. This will improve the country’s business environment and increase its attractiveness to foreign investment.
This part must describe various challenges that UAE economy faces. The UAE’s worldwide performance could be matched against that of the other members of the Gulf Cooperation Council (GCC) such as, Saudi Arabia and Kuwait, for example.
Discussion could be supported by data made available from UAE and international sources.
Part Four: UAE Innovative Strategy: (8 pages)
A knowledge-based economy has four requisites: education and training, information infrastructure, economic incentive and institutional regime and innovations systems. Such an economy will remain unaffected by oil price swings. The UAE is on the right path of transitioning to a knowledge-based economy as it promotes innovation, research and development. This part should assess/evaluate the UAE performance based on these four requisites.
This part should also illustrate UAE performance on KEI metrics, and UAE Vision 2021.
Also, this part should describe the UAE’s position in terms of transition to knowledge-based economy, highlighting weaknesses, strengths, and opportunities. This part must analyze the key constituents on innovation; UAE initiatives, policies and strategies to enhance innovation; and UAE innovation priority sectors.
Part Five: Findings and Recommendations: (4 pages)
This part should conclude the whole essay. It should assess and evaluate the challenges that UAE faces in transforming into a knowledge-based economy. This part should also propose policies/strategies to overcome these challenges. It should also provide some recommendations about policies and strategies that UAE should adopt to become a competitive knowledge economy.
Part Six: References:
1. References must follow Harvard citation style
2. Do not use internet sources, articles or material.
3. All references must be articles cited from prestigious academic journals.
1. The essay must be of super quality.
2. The author has to follow exactly the outlines as described above, especially the references included (no references cited from the internet).
3. The paper should focus on the relationship between innovation and economic development/growth.
4. The essay must be based on economic analysis, not management perspective.
5. The essay won’t be acceptable unless the author adheres to above outlines.