Özet:

During the world-financial crises developed countries have been showing significantly low per-capita income growth rates comparing to emerging economies. This phenomenon can only be explained by endogenous growth theories. In the last decade of the last century new knowledge formations in developing countries occurring faster than those in high-income countries. Therefore, it is an imperative task to analyze current speed of knowledge-stock expansion in Uzbekistan. The research develops open-economy New Growth Model according to which economic growth is stimulated by domestic knowledge production and/or knowledge splits from abroad. Model concludes that the long run steady state percapita income augmentation rests on growth rates of human capital. Knowledge indices of countries are calculated from normalized values of variables chosen by World Bank. Empirical evidences prove countries with high indices to have high per-capita incomes or vice verse as predicted by the model. Changes in total knowledge stock than those in human capital tend to increase nations’ welfare more. Further validations of the model reveal knowledge-flows from abroad to have significant positive impacts. Information and Communication Technologies and Innovation indices possessed big favorable affects on economic well-being of nations in comparison to Economic Incentives and Education indices. Analyses determine all pillar indices to advance at slow rates comparing to other countries of the world. Sharp increase in global knowledge-soar-up competition tends relative knowledge stock of Uzbekistan to decline. Conclusions from the model recommended economic policy implications for Uzbekistan stressing mainly out foreign trade liberalization, domestic business-sphere improvements, area-based development plans, introducing e-government and e-business environments as well as investments in human capital

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