KNOWLEDGE, TECHNOLOGY AND COMPLEXITY IN ECONOMIC GROWTH

Abstract

Overcoming challenges in the next decade is a highly appropriate theme that should be addressed in relation to the Island’s current economic situation. Ricardo Hausmann, The director, Center for International Development and Professor of the Practice of Economic Development, Harvard Kennedy School of Government and José Domínguez, Professor of Structural Engineering, School of Engineering, University of Seville, recognize that the application of complexity science tools allows for the better understanding in the fields of economics that will gear a nation towards both social and technological development1. The application of scientific knowledge for technological developments enables forecast future trends in the global economics and to take necessary steps towards catering for future demands. Overcoming challenges in the next decade is a timely and highly relevant theme that should be addressed in relation to the Island’s current economic situation. The wealth of a country depends mainly on the correct and visionary political decisions taken to progressively improve economy in a reasonable timeframe such as a decade or more. The ad hoc and abrupt decisions taken without proper studies over a three quarter of a century have completely ruined the economy of our country pushing it towards poorest countries of the world despite its wealth of experts with diverse knowledge, talents and capabilities, and genuine desire to contribute it towards national development. Sri Lanka can be a knowledge hub earning through knowledge-based economy. Additionally, the scientific knowledge can be converted to innovative products with advanced technological developments that can be patented. The number of patents produced in Sri Lanka needs to be drastically increased and either the patents can be sold or be converted to commercial products. Sri Lanka is blessed with diverse natural resources such as high-quality minerals and varieties of endemic flora and fauna. In our research, carried out over the last three and half decades, we have been working on adding enormous value to mundane local minerals yet the minerals are still exported in their raw form without any value addition.