Technology Transfer from an Institutional Perspective

The human factor, or the ability of the agent, is the most essential element in economic development. The Japanese enterprises brought the economic ability of employees to a high level by forming a system called the "Japanese way of management." Through this ability, the Japanese economy witnessed very rapid growth in productivity and technology that can serve as a model for economic development today. Moreover, the Japanese enterprise has a system and method to transfer technology more efficiently than the American or European enterprises can. Successful technology transfer depends on the ability of the agent in countries receiving technology, However, economic development is acceptable only as a compromise to social reality in the age of excessive enrichment.