The impact of standardization (public and industry) on product innovation, market access and foreign trade: with specific reference to South Africa.
Product innovation and its efficient diffusion are important to enhance factor productivity, market access, job creation and trade. Innovative firms remain competitive in an increasingly global environment. Product innovation add maximum economic value when the new knowledge and technical know-how are spread through the economy. Standardisation of products is regarded as a vital tool to enable the diffusion of product innovations. The economic rationale for standardisation is based on the theory market failure that requires some sort of correction. Standardisation is regarded as a public good, a form of technical infrastructure. It reduces transaction costs and information asymmetries
School Location:South Africa
Source Type:Master's Thesis
Keywords:standardization south africa economic aspects commercial products standards technological innovations
Date of Publication:01/01/2007