This study examines the role of different knowledge economy components in economic growth as well as the simultaneous effects of information and communication technology (ICT) infrastructure, education, and innovation on economic growth of selected Asian countries over the 1990–2014 period, using Driscoll-Kraay estimation method and seemingly unrelated regression (SUR) and three stage least squares (3SLS). | 4 Nguyen Van Dung et al. / Journal of Economic Development 24(1) 04-31 Economic growth: The role of knowledge economy in the context of selected Asian countries NGUYEN VAN DUNG University of Economics HCMC – dungnv@ NGUYEN TRONG HOAI University of Economics HCMC – hoaianh@ NGUYEN SON KIEN Vietnam–The Netherlands Programme (VNP) – University of Economics HCMC – ARTICLE INFO Article history: Received: Sep. 16, 2016 Received in revised form: Dec. 26, 2016 Accepted: Dec. 31, 2016 Keywords: Knowledge economy Economic growth Education Information and communication technology Innovation Institutions ABSTRACT This study examines the role of different knowledge economy components in economic growth as well as the simultaneous effects of information and communication technology (ICT) infrastructure, education, and innovation on economic growth of selected Asian countries over the 1990–2014 period, using Driscoll-Kraay estimation method and seemingly unrelated regression (SUR) and three stage least squares (3SLS). The results confirm that there exists a positive association between economic growth and four components of the knowledge economy framework. Furthermore, there is also evidence of the multidimensional effects of ICT infrastructure, education, and innovation on economic growth. As a result, policy makers should pay more attention to improving innovation, education, information and communication infrastructure, and institutional regime systematically to achieve sustainable economic growth. Nguyen Van Dung et al. / Journal of Economic Development 24(1) 04-31 1. Introduction Economic growth is based on capital, labor, technology (Solow, 1956, 1957), natural resources (Sachs & Warner, 1995, 1999, 2001; Labra et al., 2016) and other “new” factors of growth such as knowledge and innovation (Lucas, 1988; Romer, 1990; Mankiw et al., 1992; Powell & Snellman, 2004; World Bank, 2007). In the 21th century, the engines of growth, .
